The initial payment to a loan was to be P571 and the difference between successive payments was to be P6,195 forming an increasing arithmetic progression. But the loan was renegotiated to provide for the payment of equal rather than uniformity varying sums. If the interest rate of the loan was 10.90%, what was the equivalent annual payments if the payment is to be made for 6 years? Write your final answer in 4 decimal places.
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 initial payment to a loan was to be P571 and the difference between successive payments was to be P6,195 forming an increasing arithmetic progression. But the loan was renegotiated to provide for the payment of equal rather than uniformity varying sums. If the interest rate of the loan was 10.90%, what was the equivalent annual payments if the payment is to be made for 6 years?
Write your final answer in 4 decimal places.
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