Price= 100,000

so, Loan = P= 95,000

Hafiz wanted to buy a brand-new car. He could only afford to pay RM 5000 for a down payment and decided to take a loan to finance the balance of the P amount. Green Bank offered him an interest rate of 5.5% compounded quarterly for the first two years with no loan repayment and interest rate of 9.5% compounded quarterly thereafter. After two years, he made level loan repayments at the end of each month to fully pay the loan for a certain period. Calculate the monthly repayment amount needed to pay off the loan and construct the loan schedule for the price of the car with the loan tenure 9 years. i. Calculate the total interest paid on the loan. ii. Calculate the monthly repayment amount if Hafiz paid RM 500 per month for the first two years. iii. Calculate the amount of payment should be made if Hafiz decided to pay off the loan 3 years early