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.
Define the term Equal-Payment Series?
The goal of this method of investment is to determine the present value of an equivalent payment made toward the end of each interest period for “n” interest periods at a interest rate “i” which is compounded toward the end of each interest period. In certain circumstances, rather than considering a single payment, it is required to identify the future value of a sereis of equivalent payments.
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