If I will loan a house and lot worth P6.3M cash and with a little discussion and transaction with the sales person we agreed on 10% down payment and the monthly amortization will be computed in this term for the 25 year payment scheme, 8.5% compounded monthly. What is the amount of the monthly amortization I must pay in pesos? What is the future worth of my loan? How much interest has been accumulated after 25 years?

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A:

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Q: r the

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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.