As requested this the second part of the question Consider a car Loan of $ 20,000 to be repaid over 5 years in monthly installments. Annual Interest Rate = 6 % b) Calculate the value of each monthly payment if interest is declining.
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.
As requested this the second part of the question
Consider a car Loan of $ 20,000 to be repaid over 5 years in monthly installments. Annual Interest Rate = 6 %
b) Calculate the value of each monthly payment if interest is declining.
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