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.
effective rates of interest find the interest rate earned on each of the following :
a. You borrow $700and promise to pay back $749 at the end of 1 year
b. You lend $700 and borrower promises to pay you $749 at the end of 1 year
c. You borrow $8,500 and promise to pay back $201,229 at the end of 10 years
d. You borrow $9,000 and promise to make payments of $2,684.80 at the end of each year for 5 years
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