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1. Faqhrool is interested to purchase a house at Taman Saujana Puchong The measurement of the house is 1,800 square meters with built up area
1. Faqhrool is interested to purchase a house at Taman Saujana Puchong The measurement of the house is 1,800 square meters with built up area of 1,500 square meters. After discussing with the owner of the house, they had agreed with a cost of RM750,000. Faqhrool has approached Bank Cedec at City Center. After discussing with the banker and credit analysis, the banker agrees to approve loan of 90 percent of the house cost with the interest rate of 4.05 percent for 35 years. Based on the information given, calculate: (a) Monthly payment and prepare an amortization table for 6 months (15 marks) (b) After paying for 15 years. Faqhrool receive a letter from bank stated the interest rate has been revised to new rate of 4 percent. Calculate the new monthly payment Faqhrool must pay after the interest rate is revised. (10 marks)
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