You got a 20 percent discount off the asking price of a $200,000 property. The bankagreed to give you the following financing plan: loan-to-value ratio of 75 percent;nominal rate of 8.00 percent per annum, compounded semi-annually; term of loan is10 years. You plan to pay off this loan on an annual basis. What is the mortgagepayment per annum? Do not round number until the very end.
Asking pricePrice to be paidLoan amountRateTime 2000001600001200008%10 Effective ratePayments 8.160%₹ 18,012.81
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