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.
loan will be for $170,000. 30 year loan with a rate of 3.25% (compounded monthly).
What is the total amount paid at the end of the life of the loan.
What formula did you use?
Formula for compound interest;
A = P(1+r/n)^nt
Where P is the principal,, r is the interest rate, n is the number of compounding periods & t is the time periods
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