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11. Muthu purchases a shop and mortgages it for RM100,000. The mortgage requires repayment in equal monthly payments over 10 years at 16% compounded monthly.

11. Muthu purchases a shop and mortgages it for RM100,000. The mortgage requires repayment in equal monthly payments over 10 years at 16% compounded monthly. Just immediately after making the 80th payment, she has the loan refinanced at 14% compounded monthly. What is the new monthly payment if the number of payments remains the same? [ans:RM1,623.95]

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