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Harith is planning to renovate his parent's house in Penang. The contractor informed him that it will cost approximately RM100,000. Harith has allocated RM60,000 for the renovation and needs to consider taking personal loan on the balance of the cost. Bank AKU is promoting a flat rate of 3.5 percent over 10 years. Calculate the amount of monthly installment he needs to pay. Suggest one (1) reason on how personal loan can be a good choice.

Harith is planning to renovate his parent's house in Penang. The contractor informed him that it will cost approximately RM100,000. Harith has allocated RM60,000 for the renovation and needs to consider taking personal loan on the balance of the cost. Bank AKU is promoting a flat rate of 3.5 percent over 10 years. Calculate the amount of monthly installment he needs to pay. Suggest one (1) reason on how personal loan can be a good choice.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.12MCP
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QUESTION 5(a) Harith is planning to renovate his parent's house in Penang. The contractor informed him that it will cost approximately RM100,000. Harith has allocated RM60,000 for the renovation and needs to consider taking personal loan on the balance of the cost. Bank AKU is promoting a flat rate of 3.5 percent over 10 years. Calculate the amount of monthly installment he needs to pay. Suggest one (1) reason on how personal loan can be a good choice.
Transcribed Image Text:QUESTION 5(a) Harith is planning to renovate his parent's house in Penang. The contractor informed him that it will cost approximately RM100,000. Harith has allocated RM60,000 for the renovation and needs to consider taking personal loan on the balance of the cost. Bank AKU is promoting a flat rate of 3.5 percent over 10 years. Calculate the amount of monthly installment he needs to pay. Suggest one (1) reason on how personal loan can be a good choice.
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