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Please help me i will give good rating Question 4 a) A person was offered a personal loan of RM 9 000 for 4 years
Please help me i will give good rating
Question 4 a) A person was offered a personal loan of RM 9 000 for 4 years at an interest rate 3.5% per annum compounded annually. It is planned to amortize the debt within four years. (1) Calculate the value of the repayment in RM. (1) Use an amortization schedule as shown below to show the payment steps. End of Period Payinent Interest Paid Principal Paid Outstanding Principal b) A couple, Mr and Mrs. Eric planned to have RM x for their new born daughter tertiary education fund in 18 year time. Mr. Eric started the deposit with the amount of RM 40 000 in a local bank which gives the return of 4.5% annual interest rate compounded every three months. Mrs. Eric invests RM y at the end of every six months in a sinking fund account which guarantees an annual interest rate of 6% compounded semi-annually. The total interests earn in both their savings after 18 years will be RM 104 608.12. Calculate the values of Y and y. c) A business owner borrowed a sum of amount RM P from two financial institution for 18 months. First loan charged RM X at simple interest rate of 3% per annum and second loan charged RM Y at simple interest rate of 6% per annum. The amounts of RMX is 1.5 times the amount of RM Y. The business owner paid a total of RM 2 362.50 as interest after 18 months. Calculate the value of P. d) Two years ago, Hoe deposited RM 5 000 in a saving account earning an annual interest of 5% compounded semi-annually. At the same time, he deposited RM 200 at the end of every month in another account earning an annual interest of 3.5% compounded monthly. Today, he intends to withdraw all his money from both accounts and use it to pay the 10% down payment for a new car. The cash price of the vehicle is RM 100 000. (1) Calculate the total withdrawal from both accounts. (ii) Hoe plans to take up a loan from a credit association to finance the 90% of the vehicle price. The finance company charges an interest of 4% compounded monthly and the loan is payable in nine years. Calculate the monthly payment of the loanStep by Step Solution
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