The sum of P1000.00 is invested now and left for 8years, at which time, the principal is withdrawn. The interest that has accrued is left for another eight years. If the annual interest rate is 5%, what will be the withdrawal amount at the end of the 16th year? correct answer P704.42
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The sum of P1000.00 is invested now and left for 8years, at which time, the principal is withdrawn. The interest that has accrued is left for another eight years. If the annual interest rate is 5%, what will be the withdrawal amount at the end of the 16th year?
correct answer P704.42
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