person to start a project 8 years ago placed a deposit of ¢ 1,500,000.00 in a financial institution that recognized him during the first 3 years a 5% capitalizable monthly, 2 following years an 8% capitalizable quarterly, and the rest of the term a 7% capitalizable bimonthly, it is requested to make and determine: a) How much do I accumulate in the total term of the investment? b) Do you calculate the effective annual rate that produced the inve
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 person to start a project 8 years ago placed a deposit of ¢ 1,500,000.00 in a financial institution that recognized him during the first 3 years a 5% capitalizable monthly, 2 following years an 8% capitalizable quarterly, and the rest of the term a 7% capitalizable bimonthly, it is requested to make and determine:
a) How much do I accumulate in the total term of the investment?
b) Do you calculate the effective annual rate that produced the investment?
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