In order to start a business, Azmi borrowed RM50,000 from a bank that charges interest al 9% compounded monthly. The loan will be repaid by monthly installment for 5 years. No use excel. Use formula below. a) Find the monthly payment. (RM1037.92) b) Calculate the total interest paid for the loan. (RM12275.20) c) If Azmi fails to pay the first 3 monthly payments, how much should he pay on the 4th payment in order to keep his payments up to date? (RM4198.62)
In order to start a business, Azmi borrowed RM50,000 from a bank that charges interest al 9% compounded monthly. The loan will be repaid by monthly installment for 5 years. No use excel. Use formula below. a) Find the monthly payment. (RM1037.92) b) Calculate the total interest paid for the loan. (RM12275.20) c) If Azmi fails to pay the first 3 monthly payments, how much should he pay on the 4th payment in order to keep his payments up to date? (RM4198.62)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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2. In order to start a business, Azmi borrowed RM50,000 from a bank that charges
interest al 9% compounded monthly. The loan will be repaid by monthly installment for
5 years. No use excel. Use formula below.
a) Find the monthly payment. (RM1037.92)
b) Calculate the total interest paid for the loan. (RM12275.20)
c) If Azmi fails to pay the first 3 monthly payments, how much should he pay on the 4th
payment in order to keep his payments up to date? (RM4198.62)
Transcribed Image Text:A= R
ー(It)
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