You have been working for several years. You started as a junior executive and have now been promoted to senior executive in your present company due to your good performance. Since you started working, you have been using public transport to commute from your residence to your work premises. One day you decided to purchase a new car to enable you to drive to work instead of taking public transport. For a start, you will purchase a smaller and locally$-$made car instead of a foreign$-$made car.

Simultaneously, you also came across an apartment that you are interested in$.$ As you have diligently set aside some savings, you plan to invest in the apartment of your choice. After giving some careful thought, you decided to purchase both the car and the property which you had earmarked.

You identified a local$/$foreign commercial bank and approached the bank$$s credit officer to apply for financing the new car and the apartment.

As an individual, how do you choose a financial institution for your financing? How do you go about applying for loans for the purchase of the apartment and car? What are the documents required for each application? What are the forms to be filled in$?$ Explain. $[5$ marks$]$

Assuming you have RM$40,000$ in your savings and your current monthly salary is RM$6,500.$ The apartment is priced at RM$199,000$ and the car is priced at RM$44,490.$

Assuming the down payment for the apartment is $20\%,$ interest rate is $3\mathrm{.}5\%$ per annum for $30$ years repayment term, calculate the monthly installment. $[5$ marks$]$

Assuming the down payment is $10\%$ for the car, interest rate is $4\mathrm{.}5\%$ per annum for $9$ years repayment term, calculate the monthly installment. $[5$ marks$]$

What are the costs involved in each loan application other than the down payments? $[5$ marks$]$

Do you have sufficient saving for the down payments and other costs $($iii$)$ involved? How can you solve this problem? $[3$ marks$]$

Create one amortization table for the housing loan showing only the first$-$year calculation using the table below: