Angela took a RM100,000 bank loan from Bank AA. The bank charged Angela an interest rate...

 

Transcribed Image Text:

Angela took a RM100,000 bank loan from Bank AA. The bank charged Angela an interest rate of 7% p.a. and requires him to pay at the end of each year for 10 years. (1) (ii) Year Value 1 2 3 Calculate the yearly repayment amount and complete the following loan amortization schedule. Beginning 4 5 6 7 8 9 10 Repayment Interest Principal Ending amount paid paid Value (10 marks) By the end of year 5, Angela not only services the yearly repayment amount but also pays an additional RM10,000 to partially pay off the loan. Prepare another loan amortization table starting from year 6. (6 marks) Compute the interest saved when repays an additional of RM10,000 at the end of year 5. (3 marks) Angela took a RM100,000 bank loan from Bank AA. The bank charged Angela an interest rate of 7% p.a. and requires him to pay at the end of each year for 10 years. (1) (ii) Year Value 1 2 3 Calculate the yearly repayment amount and complete the following loan amortization schedule. Beginning 4 5 6 7 8 9 10 Repayment Interest Principal Ending amount paid paid Value (10 marks) By the end of year 5, Angela not only services the yearly repayment amount but also pays an additional RM10,000 to partially pay off the loan. Prepare another loan amortization table starting from year 6. (6 marks) Compute the interest saved when repays an additional of RM10,000 at the end of year 5. (3 marks)