Mr. Sy borrowed money from a bank with an inferest of 6% compounded monthly for 10 years. His monthly amortization is P20, 000. 6. What is the total interest rate per conversion period? C. 0.0075 B. 0.006 7. What is the total number of period of time to fully paid the loan? B. 120 C. 160 A. 0.005 D. 0.06 А. 100 D. P 240 8. After 80th payment, what is the total number of payments remain? C. 40 D. 120 В. 30 A. 20 9. What is the total number of payment of Mr. Sy after he paid the 10-year mortgage? A. P1, 899, 600.14 B. P2, 026,802.24 C. P2, 148,919.34 D. P2, 400, 000 10. How much is his outstanding balance after the 80th payment? A. P690, 444. 56 В. Р683, 134. 56 C. P704, 564. 56 D. P723, 444. 56

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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.