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Muthu had just acquired a car loan from a bank. The bank had agreed to lend him RM120,000 in exchange for a 5% down payment
Muthu had just acquired a car loan from a bank. The bank had agreed to lend him RM120,000 in exchange for a 5% down payment on the automobile. Muthu would have to pay monthly instalments to repay the debt at a rate of 3.0 percent per annum compounded monthly for 9 years. i) Compute the amount of his monthly payment.
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