Determine whether the following statement is true or false, and explain why. A loan is amortized if both the principal and interest are paid by a sequence of equal periodic payments.
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.
Determine whether the following statement is true or false, and explain why.
A loan is amortized if both the principal and interest are paid by a sequence of equal periodic payments.
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