Question
Salina applies for mortgage loan 7 years ago for RM350,000 at 5 percent interest rate for 30 years from CIMB Bank. The instalment paid on
Salina applies for mortgage loan 7 years ago for RM350,000 at 5 percent interest rate for 30 years from CIMB Bank. The instalment paid on a monthly basis. New loan offer by CIMB bank at 3 percent interest rate. Therefore, Salina plan to refinance her loan according to the latest rate offered by the bank.
Calculate;
i.Monthly payment of the loan.
ii.New monthly payment if Salina refinances her mortgage.
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
To calculate the monthly payment of the original loan and the new monthly payment after refinancing ...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
