An obligation of P35, 000 is to be repaid with equal monthly payments for 6 months with an interest of 15% compounded monthly. Find the monthly payment and construct an amortization schedule.
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
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An obligation of P35, 000 is to be repaid with equal monthly payments for 6 months with an interest of 15% compounded monthly. Find the monthly payment and construct an amortization schedule.
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