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7. Mike is buying a used car for $30,000 using a 60-month car loan with an interest rate of 9% compounded monthly. For the first
7. Mike is buying a used car for $30,000 using a 60-month car loan with an interest rate of 9% compounded monthly. For the first two years, Mike makes the required payment R. Beginning with the first payment in the third year, Mike begins paying twice the required payment. Mike will completely pay off his loan by making a smaller final payment. (Mike membeli kereta terpakai dengan harga $30,000 menggunakan pinjaman kereta selama 60 bulan dengan kadar faedah 9% dikompaun setiap bulan. Untuk dua tahun pertama, Mike membuat pembayaran yang diperlukan R. Bermula dengan pembayaran pertama pada tahun ketiga, Mike mula membayar dua kali pembayaran yang diperlukan. Mike akan membayar sepenuhnya pinjamannya dengan membuat bayaran akhir yang lebih kecil.) (a) Calculate R. (Kira R) [3 Marks/Markah]
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