Eric works as an account executive in Kuala Lumpur. He plans to buy a Myvi car on
Fantastic news! We've Found the answer you've been seeking!
Question:
Eric works as an account executive in Kuala Lumpur. He plans to buy a Myvi car on a hire purchase agreement. The cash price of the car is RM45,000. He is required to pay a deposit of 10% and pay the remaining loan amount off for 60 months at an interest rate of 5% per annum.
i) What is the hire purchase loan amount?
ii) How much is the total interest charged?
iii) How much is the total loan amount?
iv) Calculate the monthly instalment that Eric needs to pay.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: