and the interest is 12% compounded monthly
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.
Mr. Johnson is a car sales agent in a car company in MLBB nation where there is a new model of suv. His manager give him the details of vehicle and ask him to identify its selling price. the details are as follows down payment is 250,000; regular payment at the end of each month is 18230 pesos; term in 6 years; and the interest is 12% compounded monthly
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