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To finance the expansion of your business, you borrowed RM 227,540 at a 5.28% p.a. nominal rate of interest to be repaid over eight (8)
To finance the expansion of your business, you borrowed RM 227,540 at a 5.28% p.a. nominal rate of interest to be repaid over eight (8) years. The loan is amortised into equal end-of-month payments. a. Calculate each end-of-month loan payment. Round to two (2) decimal places b. How much extra interest in total if you choose a term loan of 10 years? Round to two (2) decimal places. [10 marks]
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