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On 1st December 2017, Marshall purchased a sports car for RM479,800 to be paid in monthly instalments over 9 years at 4.12% p.a. compounded monthly.
On 1st December 2017, Marshall purchased a sports car for RM479,800 to be paid in monthly instalments over 9 years at 4.12% p.a. compounded monthly. Find (i) The monthly payment of the loan. (iii) Exactly 4 years later, due to bad economic condition, Marshall's business was badly affected so he was not able to pay his car loan for 6 months. He then had to refinanced his car loan with interest of 4.54% compounded monthly without changing the current loan duration. Calculate the extra amount of interest Marshall's had to pay from these new instalments
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