borrowed Php200,000 from a local bank having an interest of 8% per annum, compounded monthly. If the debt was to be amortized by 36 equal payments and the first payment is to be made at the end of the first month, (a) determine the monthly payment, and (b) construct
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.
Suppose you borrowed Php200,000 from a local bank having an interest of 8% per annum, compounded monthly. If the debt was to be amortized by 36 equal payments and the first payment is to be made at the end of the first month, (a) determine the monthly payment, and (b) construct an amortization schedule/table.
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