Land is purchased for $75,000. It is agreed for the land to be paid for over a 5-year period with annual payments and using a 12% annual compound interest rate. Each successive payment is to be 12% greater than the previous payment.. Determine the size of the last payment.
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.
Land is purchased for $75,000. It is agreed for the land to be paid for over a 5-year period with annual payments and using a 12% annual compound interest rate. Each successive payment is to be 12% greater than the previous payment.. Determine the size of the last payment.
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