7. Mandy buys a washing machine by paying a down payment of RM 1,000 and installment RM 250 per month for 2 years. The first installment is paid one month after 18 Lecture Notes and Tutorials the time of purchase. If the interest rate is 9% per year compounded monthly, find (a) the actual purchase price of the washing machine, (b) the total interest paid by Mandy over 2 years, (c) the effective annual rate