Kyle borrowed P100,000 to be paid in 10 years, and established a sinking fund to provide for the payment of this obligation. The deposits with the fund will be made at the end of every six months. If money is worth 8% compounded semi-annually, what should be the amount of each deposit.
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.
Kyle borrowed P100,000 to be paid in 10 years, and established a sinking
fund to provide for the payment of this obligation. The deposits with the
fund will be made at the end of every six months. If money is worth 8%
compounded semi-annually, what should be the amount of each deposit.
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