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A motor vehicle which costs RM20,000 was bought on credit terms, with payment of 10% as deposit to be made immediately and the balance to
A motor vehicle which costs RM20,000 was bought on credit terms, with payment of 10% as deposit to be made immediately and the balance to be paid in one lump sum 6 months later. (i) Calculate the total amount of interest expense if the compound interest rate is 2% per month. (ii) With loan amortization schedule, show the total amount be paid for the vehicle.
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