Twenty years ago, Fattah applied a loan from Bank Matahari to finance his house. He still has 10 years to settle his debt and the rate is 4.5% compounded monthly.
finance
Description
Question 1 : Twenty years ago, Fattah applied a loan from Bank Matahari to finance his house. He still has 10 years to settle his debt and the rate is 4.5% compounded monthly.
a) How much is the monthly payment if the house was valued at RM567000?
Today, his wife Fazura needs extra money to shop and renovate their house for the upcoming Hari
Raya. So, he is considering a refinancing* scheme from the same bank to re-evaluate his property
and get extra money. He plans to use the money to pay full settlement on the remaining balance
he had on the house in the first month of the twentieth year, then use the balance for his wife
shopping and renovation need. The bank offers the same rate but with 20 years period.
Instruction Files
Set1.pdf
320.4 KB
