Problem 2: Buying a car Select a second-hand car from https://www.mudah.my/malaysia/cars-for- sale or another related website. Find something reasonable - between RM 65,000 to RM 125,000 second-hand car. Attach the picture and description of your chosen car to this report. Brand MAZDA Model CX-5 Mileage 70000 - 74999(km) Seat Capacity 5 Type 4D WAGON Manufactured Year 2018 (i) Assume that you will apply for a loan for your second-hand car's asking price (excluding processing fee and other charges). The listed selling price is RM 82,800 (1 mark) Assume that you will make down payment of 20%. 20 x RM82800 = RM16560 100 The down payment is RM16.560 (2 marks). You will be applying for the loan for the balance amounts. RM82,800 - RM16,560 = RM66.240 The amount of the mortgage is RM66.560 (2 marks). (ii) Assuming that your tutor is the bank agent, the following table shows the list of bank institutions along with their interest rates. Rate for 7- Agent Bank institution Rate for 5- year year Dr Tan Chai Malayan Banking 3.15% 3.4% Thing Berhad Puan Raja Nurul Aini Binti Raja CIMB Bank Berhad 3.2% 3.3% Aziz Ms Chitrah Public Bank Berhad 3.0% 3.31% You have two options. The first option is that the loan will be amortized through monthly payments in 5 years, with an interest rate compounded monthly. The second option is the loan will be amortized through monthly payments in 7 years, with an interest rate compounded monthly. Calculate the monthly repayments for both the 5-year and 7- year loan options based on the given interest rate. (10 marks) [HINT: you must show the formula used (FV, PV, FVA or PVA), working (the excel function, e.g. 1.54-3) and list out the amount of mortgage, interest rate, payment number or month and amount of repayment]