A couple purchased a home and signed a mortgage contract for $900,000 to be paid with half-yearly payments over a 25-year period. the interest rate applicable is j2 = 5.5% p.a. applicable for the rst ve years, with the condition that the interest rate will be increased by 12% every 5 years for the remaining term of the loan.

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19-07-2022
Mathematics

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A couple purchased a home and signed a mortgage contract for $900,000 to be paid with half-yearly payments over a 25-year period. the interest rate applicable is j2 = 5.5% p.a. applicable for the rst ve years, with the condition that the interest rate will be increased by 12% every 5 years for the remaining term of the loan.

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sakshigupta4990 sakshigupta4990 · Answer 1 · 2022-07-23T14:48:17+02:00

A mortgage payment is typically made up of four components: principal, interest, taxes, and insurance. The Principal portion is the amount that pays down your outstanding loan amount. Interest is the cost of borrowing money. The amount of interest you pay is determined by your interest rate and your loan balance.

The term “loan” can be used to describe any financial transaction where one party receives a lump sum and agrees to pay the money back. A mortgage is a type of loan that's used to finance a property. A mortgage is a type of loan, but not all loans are mortgages. Mortgages are “secured” loans.

Learn more about mortgages at

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