What monthly payments must you make to pay off the $50,000 loan at 8.4% compounded monthly over 3 years? What is your unpaid balance after 2 years of payments have been paid?
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.
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What monthly payments must you make to pay off the $50,000 loan at 8.4% compounded monthly over 3 years? What is your unpaid balance after 2 years of payments have been paid?
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