Use finance calculation method.

$($b$)$ Your brother would like you to provide more details on hire purchase financing. He intends to

buy a car costing RM$50,200,$ with a down payment of $20\%$ of the purchase price. Easy Bank has

given him an option to take up a hire purchase loan for $3$ years at $5\%$ per annum, or for $7$ years at $3\%$

per annum.

$($i$)$ Calculate the monthly instalments if the loan was for $3$ years. $(8$ marks$)$

$($ii$)$ Calculate the monthly instalments if the loan was for $7$ years. $(6$ marks$)$

$($iii$)$ Calculate the interest payment for each of the two options. Advise your brother. $(6$ marks$)15$:$10$help