Question 1 Dr. Foo has been saving RM 600 every month in JUNE Bank for the past 4 years and RM 500 every month in NOV Bank for the past 6 years. He plans to buy a semidetached house worth RM 850,000 located in Putrajaya with a 10% down payment towards financing the house.

(a) Determine Dr. Foos accumulated savings in JUNE Bank if the bank offers him an interest of 2.1% compounded monthly. Hence, find the interest earned. (6 marks)

(b) Determine Dr. Foos accumulated savings in NOV Bank if the bank offers him an interest of 2.3% compounded annually. Hence find the interest earned.

(10 marks)

(c) After paying the down payment for his house, Dr. Foo applies for housing loan from DIMB Bank. Determine the monthly installment of the housing loan, if he was offered 4% interest compounded monthly for 30 years. (4 marks)