1 RM500 is deposited every month for 10 years at an interest rate of 68 compounded monthly. (a) Find the amount at the end of 10 years and the interest earned. (b) Find the interest rate compounded annually that is equivalent to 6% compounded monthly as given. [Modified exam question] 2 Maimunah receives RM7,000 from her father. She invests the money in a bank that offers 5.0% interest compounded semi-annually. The accumulated amount at the end of four years will be enough to pay for the down payment of a new car that costs RM60,000. (a) What is the value of the down payment? (b) To pay the balance, she plans to obtain a loan from a finance company and agrees to pay equal monthly instalments for seven years. The finance company charges interest at 4.4% compounded monthly. Find the monthly instalment. 3 Rasid buys a house for RM185,000. He pays a 10\% down payment and the balance is borrowed from a bank that charges interest at a rate of 8% compounded monthly. The loan is to be repaid in monthly instalments for 10 years. Find: (a) the monthly payment (b) the total interest charged. [Modified exam question] 4 Jasper deposits RM456 at the end of every six months for eight years in a savings account that pays interest at a rate of 6.8% compounded semi-annually. Find: (a) the amount in the account just after his last deposit (b) the total interest earned. [Modified exam question] 5 Noraini borrows RM80, 000 from a bank for five years at 7% compounded monthly. (a) Find the monthly payment. (b) If she has not paid her first four monthly payments, how much should she pay on the fifth payment to settle all the outstanding arrears? (c) Immediately after paying the nineteenth monthly payment, she wants to settle the balance of the debt with a single payment. How much should this payment be? [Modified exam question] 6 For a loan of RM36,000, the monthly payment is RM872,50 for four years. If the loan is to be settled immediately after the twenty-eighth payment, calculate the outstanding principal balance (OPB) by Rule 78 . 1 RM500 is deposited every month for 10 years at an interest rate of 68 compounded monthly. (a) Find the amount at the end of 10 years and the interest earned. (b) Find the interest rate compounded annually that is equivalent to 6% compounded monthly as given. [Modified exam question] 2 Maimunah receives RM7,000 from her father. She invests the money in a bank that offers 5.0% interest compounded semi-annually. The accumulated amount at the end of four years will be enough to pay for the down payment of a new car that costs RM60,000. (a) What is the value of the down payment? (b) To pay the balance, she plans to obtain a loan from a finance company and agrees to pay equal monthly instalments for seven years. The finance company charges interest at 4.4% compounded monthly. Find the monthly instalment. 3 Rasid buys a house for RM185,000. He pays a 10\% down payment and the balance is borrowed from a bank that charges interest at a rate of 8% compounded monthly. The loan is to be repaid in monthly instalments for 10 years. Find: (a) the monthly payment (b) the total interest charged. [Modified exam question] 4 Jasper deposits RM456 at the end of every six months for eight years in a savings account that pays interest at a rate of 6.8% compounded semi-annually. Find: (a) the amount in the account just after his last deposit (b) the total interest earned. [Modified exam question] 5 Noraini borrows RM80, 000 from a bank for five years at 7% compounded monthly. (a) Find the monthly payment. (b) If she has not paid her first four monthly payments, how much should she pay on the fifth payment to settle all the outstanding arrears? (c) Immediately after paying the nineteenth monthly payment, she wants to settle the balance of the debt with a single payment. How much should this payment be? [Modified exam question] 6 For a loan of RM36,000, the monthly payment is RM872,50 for four years. If the loan is to be settled immediately after the twenty-eighth payment, calculate the outstanding principal balance (OPB) by Rule 78