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Question 3: Redha wants to purshase a BHD100,000 house in Rifaa. He saved BHD25,000 in order to make a down payment. He asked the KFH

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Question 3: Redha wants to purshase a BHD100,000 house in Rifaa. He saved BHD25,000 in order to make a down payment. He asked the KFH bank for a BHD80,000 loan and agrees to a repayment schedule of EMI based on simple interest of 8% over a period of 10 years. What will be the Equal Monthly Instalment (EMI)? What is Redha' principal and interest portion in month 5? What is the total interest that Redha has to pay over the life of his loan (10) years? If Redha wanted to do an extension for his loan maturity to 12 years, how much would be his new EMI and total interest paid? What do you advise Redha as a Financial Advisor

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