Assuming you have graduated and have been working for several years. You are planning to buy a double-storey link house in Bukit Mahkota built by the IOI developer which cost RM748,000 per unit for intermediate unit. You have saved some money and plan to use them as a down payment for the house that you intend to purchase. You intend to take up a loan to finance your purchase of the house for the balance of the purchase price.

(iii) How much interest have you paid to the lender? [6 marks]