Determine the equal end of year payment necessary to amortize fully a sh600,000. 10% loan over 4 years. Assume payment is to be rendered a) annually b) semi-annually c) Quarterly d)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.
Determine the equal end of year payment necessary to amortize fully a sh600,000. 10% loan over 4 years. Assume payment is to be rendered a) annually b) semi-annually c) Quarterly d)Monthly
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
