Steve Mc Nut charged James B. Lekoy 12 ¾% simple interest rate for the P250,000 he borrowed. James promised to pay the entire amount in eight months and he is allowed by Steve to pay partial payments. If he paid a couple of P50,000 during the first two months and another P75,000 at the end of 4 months, how much would be his final 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.
Steve Mc Nut charged James B. Lekoy 12 ¾% simple interest rate for the P250,000 he borrowed. James promised to pay the entire amount in eight months and he is allowed by Steve to pay partial payments. If he paid a couple of P50,000 during the first two months and another P75,000 at the end of 4 months, how much would be his final payment?
Step by step
Solved in 3 steps