Carmella purchased a refrigerator under a conditional sale contract that required 24 monthly payments of $70.26 with the first payment due on the purchase date. The interest rate on the outstanding balance was 15% compounded monthly. a. What was the purchase price of the refrigerator? (Do not round Intermedlate calculations and round your final answer to 2 declmal places.) Purchase price $4 b. How much interest did Carmella pay during the entire contract? (Do not round Intermedlate calculatlons and round your final answer to 2 declmal places.) Interest paid 24

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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.