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.
1. Find the compound amount and interest on 6,100 for 4 years and 3 months at 6% compounded quarterly.
2. What sum of money will be required to settle an obligation of 10,500 on April 1, 1992 if the loan is made on October 1, 1986 at a rate of 7% compounded quarterly.
3. Find the compound amount and interest on 720 for 40 years and 6 months at 4 ½% compounded quarterly.
4. Find the value of the following, if the
5. Find the compound amount and interest on 5,500 at 4% compounded semi-annually for 8 years and 8 months
6. On August 1, 1990 Mr. Talamos borrows 9,500 and agrees to pay the compound amount on the day he pays the debt. If interest is at the rate of 5 ½% compounded quarterly, how much must Mr. Talamos pay to discharge his obligation on January 1, 2001
7. Discount 8,200 for 5 years and 5 months at 5% compounded monthly.
8. Find the present value of 11,600 due at the end of 7 years and 6 months if money is worth 4 ½% converted semi-annually
9. If money is worth 3 ½% compounded monthly, find the compound discount if 12,200 is discounted for 2 years and 11 months
10. Discount 18,600 due at the end of 28 years and 4 months at 9% compounded monthly
11. Find the present value of 12,000 due at the end of 60 years at 10% compounded annually
12. Find the present value of the following if the compound amount is 10,500 at 10% converted annually for 65 years.
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