Find the amount of interest and the maturity value of the following loan. Use the formula MV = P+ I to find the maturity value. Round your answers to the nearest cent. Principal Rate (%) Time Interest Maturity Value $90,000 7 4 years

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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.