3. If a condominium is purchased for P1,700,000 and payment, how much is the mortgaged amount?
Answers
Compound Interest: The future value (FV) of an investment of present value (PV) dollars earning interest at an annual rate of r compounded m times per year for a period of t years is:
Compound Interest: The future value (FV) of an investment of present value (PV) dollars earning interest at an annual rate of r compounded m times per year for a period of t years is:FV = PV(1 + r/m)mt
Compound Interest: The future value (FV) of an investment of present value (PV) dollars earning interest at an annual rate of r compounded m times per year for a period of t years is:FV = PV(1 + r/m)mtor
Compound Interest: The future value (FV) of an investment of present value (PV) dollars earning interest at an annual rate of r compounded m times per year for a period of t years is:FV = PV(1 + r/m)mtorFV = PV(1 + i)n
Compound Interest: The future value (FV) of an investment of present value (PV) dollars earning interest at an annual rate of r compounded m times per year for a period of t years is:FV = PV(1 + r/m)mtorFV = PV(1 + i)nwhere i = r/m is the interest per compounding period and n = mt is the number of compounding periods.
Compound Interest: The future value (FV) of an investment of present value (PV) dollars earning interest at an annual rate of r compounded m times per year for a period of t years is:FV = PV(1 + r/m)mtorFV = PV(1 + i)nwhere i = r/m is the interest per compounding period and n = mt is the number of compounding periods.One may solve for the present value PV to obtain:
Compound Interest: The future value (FV) of an investment of present value (PV) dollars earning interest at an annual rate of r compounded m times per year for a period of t years is:FV = PV(1 + r/m)mtorFV = PV(1 + i)nwhere i = r/m is the interest per compounding period and n = mt is the number of compounding periods.One may solve for the present value PV to obtain:PV = FV/(1 + r/m)mt
Answer:
The condo is worth 1.7 million. The mortage is worth 200k