Aisyah receives RM 9,000 from her farther. She invests the money in a bank that offers...

 

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Aisyah receives RM 9,000 from her farther. She invests the money in a bank that offers interest of 6% compounded quarterly. The accumulated amount at the end of 3 years will be enough to pay for the down payment of a new car that cost RM 85,000. i. (4 marks) ii. To pay the balance amount, she plans to make a loan from a finance company and agrees to pay equal monthly instalments for 7 years. The finance company charges interest at 3.8% compounded monthly. Calculate the monthly instalment. (8 marks) iii. Calculate the amount of the down payment. iv. If she failed to pay for the first three payment, calculate the amount that she should pay on the fourth payment to settle all the outstanding arrears. (5 marks) Immediately after paying for the 4 years, she wants to settle the loan in full. Calculate the amount that needs to be paid. (5 marks) Aisyah receives RM 9,000 from her farther. She invests the money in a bank that offers interest of 6% compounded quarterly. The accumulated amount at the end of 3 years will be enough to pay for the down payment of a new car that cost RM 85,000. i. (4 marks) ii. To pay the balance amount, she plans to make a loan from a finance company and agrees to pay equal monthly instalments for 7 years. The finance company charges interest at 3.8% compounded monthly. Calculate the monthly instalment. (8 marks) iii. Calculate the amount of the down payment. iv. If she failed to pay for the first three payment, calculate the amount that she should pay on the fourth payment to settle all the outstanding arrears. (5 marks) Immediately after paying for the 4 years, she wants to settle the loan in full. Calculate the amount that needs to be paid. (5 marks)

Answer rating: 100% (QA)

Problem Solving Aisyahs Car Loan i Down Payment Calculation The information provided doesnt ask us to calculate the down payment We are told it costs ... View the full answer