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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. (4 marks) (ii) Using Excel, construct the amortization schedule with indication of the dates for each payment. (6 marks) (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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