Question: 1 Gilbert is an engineer by profession and he has been saving RM 500 every month in ABC Bank for the past 10 years since

1 Gilbert is an engineer by profession and he has been saving RM 500 every month in ABC Bank for the past 10 years since he was a junior engineer. Gilbert plans to buy a condominium worth RM 650,000 located in Shah Alam with a 10% down payment towards financing the house. (a) Determine Gilbert's accumulated savings in ABC Bank if the bank offers him an interest of 3.2% compounded monthly for the first 4 years and 3.9% compounded monthly for the rest of the period. (12 marks) (b) How much is the down payment of 10% and the loan amount of 90% for the condominium? Does Gilbert have enough money to pay the down payment for the condominium? (4 marks) (c) After paying the down payment for the condominium, Gilbert applies for housing loan from XYZ Bank and the bank approves the loan. Determine the monthly installment of the housing loan, if he was offered 4.25% interest compounded monthly for 30 years. (4 marks) (Total: 20 marks) 1 Gilbert is an engineer by profession and he has been saving

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