Ali buys an apartment for RM150,000. He makes a 10% down payment and finances the balance through the bank for 20 years with interest 4% compounded monthly. His monthly payment is RM818.07. Immediately after paying for 15 years, Ali wants to settle the loan. Calculate the amount he needs to pay?
Ali buys an apartment for RM150,000. He makes a 10% down payment and finances the balance through the bank for 20 years with interest 4% compounded monthly. His monthly payment is RM818.07. Immediately after paying for 15 years, Ali wants to settle the loan. Calculate the amount he needs to pay?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 23PROB
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Ali buys an apartment for RM150,000. He makes a 10% down payment and finances the balance through the bank for 20 years with interest 4% compounded monthly. His monthly payment is RM818.07. Immediately after paying for 15 years, Ali wants to settle the loan. Calculate the amount he needs to pay?Ali buys an apartment for RM150,000. He makes a 10% down payment and finances the balance through the bank for 20 years with interest 4% compounded monthly. His monthly payment is RM818.07. Immediately after paying for 15 years, Ali wants to settle the loan. Calculate the amount he needs to pay?
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