You borrowed $25,000 from a bank at an interest rate of 12%, compoundedmonthly. This loan will be repaid in 48 equal monthly installments over fouryears. Immediately after your 201h payment, if you want to pay off the remainder of the loan in a single payment, the amount is close to(a) $15,723(b) $15,447(c) $15,239(d) $16,017
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.
You borrowed $25,000 from a bank at an interest rate of 12%, compounded
monthly. This loan will be repaid in 48 equal monthly installments over four
years. Immediately after your 201h payment, if you want to pay off the remainder of the loan in a single payment, the amount is close to
(a) $15,723
(b) $15,447
(c) $15,239
(d) $16,017
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 2 images
