d out o Assume that you borrowed RM15,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years. What is the installment payment? Answer = RM By how much would you reduce the amount you owe in the first year? Answer = RM How much interest have you paid with the first two installments? Answer = RM Assuming the same scenario, what is the installment payment if the loan interest rate is 6.542 Answer = RM When the interest is lower, the installment payment is (Do not include RM, comma, or any other symbols in your answer. Your answer should be rounded off to 2 decimal points) Next page