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Ikleama plans to purchase a new car for RM100,000 and pay RM10,000 as a deposit. He agrees to pay the balance using a loan, where

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Ikleama plans to purchase a new car for RM100,000 and pay RM10,000 as a deposit. He agrees to pay the balance using a loan, where installment is paid at the end of each year for the next 7 years. Interest is charged at 4% per year on unpaid amount. Required: a. Calculate the yearly installment of the car loan. (2 marks) b. Tabulate the loan amortization schedule for the first 2 years. (4 marks)

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