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Suppose you need to buy a car, but you do not have enough money to pay lump sum. The only way you can buy one

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Suppose you need to buy a car, but you do not have enough money to pay lump sum. The only way you can buy one is to take out a car loan. Given the following information: Loan Amount RM 120,000.00 Annual Interest Rate 5% Term of the Loan in years 7 years Table 2 i. Given the loan amount of the car, the annual interest rate, and the numbers of years you have to pay for the car. Calculate the monthly payment of the loan. (2 marks) ii. Prepare the loan amortization table 4 months for this car loan facility. (2 marks)

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