II. Amortization and Mortgage Find the amortization amount per month then construct an amortization schedule. 1. Mr. and Ms Geronimo borrow P100,000 from a lending institution to pay the tuition fees of their children. It will be settled in 6 months by paying monthly amortization at a rate of 2% simple interest per month. a. Determine their monthly amortization amount b. Construct the amortization schedule. c. How much is the concluding payment? d. Find the total interest to be paid. Payment Number 1 2 3 4 5 6 Total Amortization Amount Payment of Interest Payment on Principal Balance

II. Amortization and Mortgage Find the amortization amount per month then construct an amortization schedule. 1. Mr. and Ms Geronimo borrow P100,000 from a lending institution to pay the tuition fees of their children. It will be settled in 6 months by paying monthly amortization at a rate of 2% simple interest per month. a. Determine their monthly amortization amount b. Construct the amortization schedule. c. How much is the concluding payment? d. Find the total interest to be paid. Payment Number 1 2 3 4 5 6 Total Amortization Amount Payment of Interest Payment on Principal Balance

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter8: Sequences And Series

Section8.4: Mathematics Of Finance

Problem 16E: Mortgage What is the monthly payment on a 30-year mortgage of $80,000 at 9% interest? What is the...

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