Q1: Assume that you have saved money for a down payment on your dream house, but you still need to borrow $12000 from your bank to complete the deal. The bank offers you a 30-year mortgage at

an annual rate of 7%. Calculate a) Monthly payment/EMI b) Principal Amount and Interest for the first three months

Q2: Ahmed wants to take loan of $10,000 to buy a new car. The yearly interest rate is 18% and you have agreed to pay off the loan in 4 years. What will be his monthly payment/EMI?

Q3: Abdullah is purchasing a home for OMR125,000. He is making a 30% down payment and

Exercise 10:

estimates the closing costs at OMR 4,000. What is the amount of the mortgage?