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QUESTION 1 The cash price of a condominium is RM204,600. It can be purchased through an instalment plan by making a down payment of 10%

QUESTION 1

The cash price of a condominium is RM204,600. It can be purchased through an instalment plan by making a down payment of 10% followed by 360 equal monthly payments. The interest charged is 6.8% compounded monthly.

  1. Find the monthly payment. [ans:RM1,200.46]
  2. If immediately after 15 years, the buyer decides to settle the loan by making a single payment,
    1. Determine the value of this single payment. [ans:RM135,235.07]
    2. Calculate the total interest paid by the buyer. [ans:167,177.87]

PLEASE DO IT ON A PAPER, I WILL APPRECIATE A CLEAR AND EXPLAINED ANSWER, THANK YOU.

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