Keyes Farms bought a tractor priced at $20 000$20 000 and agreed to make payments of $1223$1223 at the end of every three months. If interest is 7.8% compounded quarterly, how long will payments have to be made if the payments are deferred for two years and six months?
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.
Keyes Farms bought a tractor priced at $20 000$20 000 and agreed to make payments of $1223$1223 at the end of every three months. If interest is 7.8% compounded quarterly, how long will payments have to be made if the payments are deferred for two years and six months?
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