Payments of $2,700, due 60 days ago, and $3.200, due in 50 days, are to be replaced by payments of $3J00 due today and the balance due lin 40 days. What must the second payment be if the payee is to end up in an equivalent financial position? Money now earms 8.30% Use 40 days from now as the focal date. (Use 365 days a year. De not round intermediate calculations and round your final answer to 2 decimal places.) Second payment

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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.