Suppose you accept your parents' offer of a 2017 BMW M6 convertible, but that's not the kind of car you want. Instead, you sell the car for AED200,000, spend AED80,000 on a used Corolla, and use the remaining money as a down payment for a flat. The bank offers you a 30-year loan with equal monthly payments and an interest rate of 12% per year, and the bank requires a 20% down payment. What will be the monthly payment on the loan? 

AED5,981.01

AED6,473.71 

AED4,937.34 

None of the above

Answer rating: 100% (QA)

The detailed answer for the above question is provided below To calculate the monthly payment on the ... View the full answer