Zain borrowed a certain amount of money from Bank Menang to purchase a car. He has to repay RM880 monthly for 5 years. No use excel. a) How much did he borrow if the bank charged interest at 7.5 % per annum on the original balance? (RM38400) b) Calculate the amount of interest Zain has to pay to the bank. (RM14400) c) If Zain made a 40% down payment, find the cost price of the car. (RM64000)
Zain borrowed a certain amount of money from Bank Menang to purchase a car. He has to repay RM880 monthly for 5 years. No use excel. a) How much did he borrow if the bank charged interest at 7.5 % per annum on the original balance? (RM38400) b) Calculate the amount of interest Zain has to pay to the bank. (RM14400) c) If Zain made a 40% down payment, find the cost price of the car. (RM64000)
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 8EB: You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how...
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2. Zain borrowed a certain amount of money from Bank Menang to purchase a car. He has to
repay RM880 monthly for 5 years. No use excel.
a) How much did he borrow if the bank charged interest at 7.5 % per annum on the
original balance? (RM38400)
b) Calculate the amount of interest Zain has to pay to the bank. (RM14400)
c) If Zain made a 40% down payment, find the cost price of the car. (RM64000)
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