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.
a.) An amount of P14,000 is borrowed at a discount rate of 10%, find the proceeds if the length of the loan in 180 days
b.) A deposit of P1500 is made into a fund on March 18. The fund earns simple interest at 5%. On August 5, the interest rate changed to 4.5%. How much is in the fund on October 23?
c.) How long will it take any sum to double itself with an 11 percent simple interest?
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