The Cauayan Consumer Cooperative has taken out a 10-year mortgage for P92,000 at an annual rate of 5%. A table for the monthly payment on P1,000 loan is used in finding the monthly amortization. Complete amortization schedule. Round off your final answer to the nearest cent.
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.
The Cauayan Consumer Cooperative has taken out a 10-year mortgage for P92,000 at an annual rate of 5%. A table for the monthly payment on P1,000 loan is used in finding the monthly amortization. Complete amortization schedule. Round off your final answer to the nearest cent.
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