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To finance the expansion of your business, you borrowed RM 120,000 at a 7.8% p.a. nominal rate of interest to be repaid over seven years.
To finance the expansion of your business, you borrowed RM 120,000 at a 7.8%
p.a. nominal rate of interest to be repaid over seven years. The loan is amortised into eighty four equal end-of-month payments.)
(Calculate each end-of-month loan payment.)
(3 markah / marks)
(Based on your working on an amortisation table, how much principal and interest would have your company paid after the first three months of payments?)
(8 markah / marks)
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