QUESTION 3 a) Suzana deposited RMX every month into an account that paid interest 5.5% compounded monthly. She wanted to have RM50,000 in 5 years time for her kitchen renovation. How much the equal monthly payment that she should make?

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
icon
Related questions
Question
QUESTION 3
a) Suzana deposited RMX every month into an account that paid interest 5.5%
compounded monthly. She wanted to have RM50,000 in 5 years time for her kitchen
renovation. How much the equal monthly payment that she should make?
b)
c)
Adlina Rose took a housing loan that charged 6.25% compounded monthly to buy a
new bungalow. She paid the down payment of RM115,000 and needs to repay the loan
in 25 years' time with monthly payment RM5,500. Determine the amount borrowed.
Chempaka bought an apartment by making a down payment of RM33,500 and had to
settled monthly payments of RM1,467.50 for 336 months. If the interest charged was
3.85% compounded monthly, find
the cash price of the apartment.
i)
ii)
the outstanding balance if she decided to settle the loan immediately after 20
years.
Transcribed Image Text:QUESTION 3 a) Suzana deposited RMX every month into an account that paid interest 5.5% compounded monthly. She wanted to have RM50,000 in 5 years time for her kitchen renovation. How much the equal monthly payment that she should make? b) c) Adlina Rose took a housing loan that charged 6.25% compounded monthly to buy a new bungalow. She paid the down payment of RM115,000 and needs to repay the loan in 25 years' time with monthly payment RM5,500. Determine the amount borrowed. Chempaka bought an apartment by making a down payment of RM33,500 and had to settled monthly payments of RM1,467.50 for 336 months. If the interest charged was 3.85% compounded monthly, find the cash price of the apartment. i) ii) the outstanding balance if she decided to settle the loan immediately after 20 years.
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
Basic Technical Mathematics
Basic Technical Mathematics
Advanced Math
ISBN:
9780134437705
Author:
Washington
Publisher:
PEARSON
Topology
Topology
Advanced Math
ISBN:
9780134689517
Author:
Munkres, James R.
Publisher:
Pearson,