İlhan got a loan of 10.000 TL with a maturity of 10 years with an annual effective interest of 9%. At the end of each year, it pays interest on the loan and a deposit on the debt repayment fund of 8% effective interest. Calculate the total amount of payments İlhan made during the 10-year period.
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.
İlhan got a loan of 10.000 TL with a maturity of 10 years with an annual effective interest of 9%. At the end of each year, it pays interest on the loan and a deposit on the debt repayment fund of 8% effective interest. Calculate the total amount of payments İlhan made during the 10-year period.
Step by step
Solved in 3 steps with 2 images
