6. Five years ago, Ehsan deposited RM5628 in a savings account at 10% interest rate compounded...

  

 

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6. Five years ago, Ehsan deposited RM5628 in a savings account at 10% interest rate compounded every six months. Six months later, he deposited RM150 at the end of every month in another account at 6% interest rate compounded monthly. Today he intends to withdraw all his money from both accounts to pay 10% down payment for a new car. (a) Calculate the total withdrawals from both accounts. Hence, find the cash price of the car. marks] Ehsan plans to take up a loan from a financial company to settle the 90% balance of the price of the car. The company charges 3.5% interest compounded monthly and the loan is payable in 9 years. Find the monthly payment. Then, find the installment price. (e) [7 If he missed his first 3 monthly payments, how much should he pay on his fourth payment to settle all the outstanding arrears. outstanding [5 marks] [4 marks] Immediately after making his 90th payment, he decided to settle the balance in a single payment. Calculate the amount. [3 marks] Based on condition (d) and (e), calculate the interest paid on his loan. [3 marks] 6. Five years ago, Ehsan deposited RM5628 in a savings account at 10% interest rate compounded every six months. Six months later, he deposited RM150 at the end of every month in another account at 6% interest rate compounded monthly. Today he intends to withdraw all his money from both accounts to pay 10% down payment for a new car. (a) Calculate the total withdrawals from both accounts. Hence, find the cash price of the car. marks] Ehsan plans to take up a loan from a financial company to settle the 90% balance of the price of the car. The company charges 3.5% interest compounded monthly and the loan is payable in 9 years. Find the monthly payment. Then, find the installment price. (e) [7 If he missed his first 3 monthly payments, how much should he pay on his fourth payment to settle all the outstanding arrears. outstanding [5 marks] [4 marks] Immediately after making his 90th payment, he decided to settle the balance in a single payment. Calculate the amount. [3 marks] Based on condition (d) and (e), calculate the interest paid on his loan. [3 marks]

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a Calculate the total withdrawals from both accounts Hence find the cash price of the car Total with... View the full answer