BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -These factors include the total amount you’re borrowing from a bank, the interest rate for the loan, and the amount of time you have to pay back your mortgage in full. For your mortgage calc, you’ll use the following equation: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1].

Detailed explanation-2: -With a 15-year mortgage, your monthly payment on a $200, 000 mortgage at 3.5% jumps to $1, 430. At 5% interest, your payment would be $1, 582.

Detailed explanation-3: -Example of a Mortgage Loan Payable Each of the monthly payments includes a $3, 000 principal payment plus an interest payment of approximately $1, 500. This means that during the next 12 months, the company will be required to repay $36, 000 ($3, 000 x 12 months) of the loan’s principal.

Detailed explanation-4: -Mortgage refers to the process of offering something as a guarantee or collateral against a loan. One may come across the term when looking for secured loans. Generally, home loans of all types are secured loans. The borrower must offer their property as a security to the lender.