The cash price of an apartment is RM286,200. Aurora decided to purchase it through an instalment plan by making a down payment of 10% followed by 360 equal monthly payments. The interest charged is 9% compounded monthly. Compute:
(a) Amount financed.
(b) Monthly payment.
(c) Amount he should pay on the fourth payment to settle all the outstanding arrears if he fails to make the first three monthly payments.
(d) Outstanding balance to be paid if he decides to settle the loan immediately after fifteen years.
(e) Total interest paid. 

Answer rating: 100% (QA)

PV 286200 down payment 10 monthly payment 360 I 9 monthly ... View the full answer