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c ) A fresh graduate bought a used car for RM 2 2 , 5 0 0 with a 1 5 % down payment. He
c A fresh graduate bought a used car for RM with a down payment. He took a loan to settle the balance at a bank that charged him an interest rate of compounded monthly. He was required to pay equal amount payments for years to settle the loan.
i Calculate the monthly payment and the total interest charged. marks
ii If the fresh graduate failed to pay the first three monthly payments, calculate the amount he had to pay on the fourth payment in order to settle the outstanding arrears.
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