8. David paid a down payment of RM15000 to buy a new car. The balance of...
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8. David paid a down payment of RM15000 to buy a new car. The balance of RM60000 was paid by making a loan which charged an interest of 3.7% on reducing balance. He settled the loan by making equal monthly payments for seven years. By using constant ratio formula, find a) The interest charged [RM7862.50] b) The installment price [RM82862.50] 8. David paid a down payment of RM15000 to buy a new car. The balance of RM60000 was paid by making a loan which charged an interest of 3.7% on reducing balance. He settled the loan by making equal monthly payments for seven years. By using constant ratio formula, find a) The interest charged [RM7862.50] b) The installment price [RM82862.50]
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To solve this problem using the constant ratio formula we need to first calculate the monthly intere... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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