1. Richard plans to buy a car upon graduation and he seeks your assistance to help him calculate how much he needs to pay for his monthly instalment. He plans to buy a car that is valued at RM 95,000 and will be putting an initial 30% down payment. The bank has offered him a loan of 2.5% for 7 years. Using simple loan calculation, advice Richard on how much his monthly loan would be. Assume annual compounding of interest.*