Q.harry and Potter bought a property by making semi annual payments of $3210.00 for 8.5 years. if the first payment is due on the date of purchase and interest is 8.53% compounded quarterly what is effective rate of interest for the property.
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.
Q.harry and Potter bought a property by making semi annual payments of $3210.00 for 8.5 years. if the first payment is due on the date of purchase and interest is 8.53% compounded quarterly what is effective rate of interest for the property.
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