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Amortization 1. You have borrowed RM170,000 to buy a Volkswagen Golf GTI car. You plan to make monthly payments over an 8-year period. The bank

Amortization 1. You have borrowed RM170,000 to buy a Volkswagen Golf GTI car. You plan to make monthly payments over an 8-year period. The bank has offered you a 3% interest rate compounded monthly. Calculate the total amount of interest dollars you will pay the bank over the life of the loan. Round to the nearest dollar and assume beginning-of-month payments. FV 2. How much an initial investment of RM200 will grow if it is invested today at 8% compounded annually for 10 years

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