You decide to take out a 30-year mortgage loan to buy the home of your dreams....

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You decide to take out a 30-year mortgage loan to buy the home of your dreams. The home's purchase price is RM120,000. You manage to secure a RM20,000 down payment and plan to borrow the balance of the purchase price. MRCB Mortgage quotes you a fixed annual loan rate of 12 percent. i. Calculate monthly payment. ii. Calculate total interest for the loan for the whole tenure of 30 years. (5 marks) You decide to take out a 30-year mortgage loan to buy the home of your dreams. The home's purchase price is RM120,000. You manage to secure a RM20,000 down payment and plan to borrow the balance of the purchase price. MRCB Mortgage quotes you a fixed annual loan rate of 12 percent. i. Calculate monthly payment. ii. Calculate total interest for the loan for the whole tenure of 30 years. (5 marks)

Answer rating: 100% (QA)

To calculate the monthly payment and total interest for a 30year mortgage loan we need to use the lo... View the full answer