Mathematics, 06.07.2021 14:00 jackson5637
Susan buys a house for RM 500,000 with 10% down payment. she takes a loan from a bank to settle the balance. The bank charges him an interest rate of 4% compounded monthly. She is required to pay equal monthly payments for 25 years to settle the loan.
a) Calculate the monthly payment and the total interest charged.
b) If she fails to pay the first four monthly payments, calculate the amount she has to pay on the fifth payment in order to settle the outstanding arrears.
c) After paying for twenty years, she decides to settle the loan. Calculate the outstanding balance to be paid.
Answers: 2
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Susan buys a house for RM 500,000 with 10% down payment. she takes a loan from a bank to settle the...
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