Question: ANSWER ALL QUESTIONS. PLEASE PROVIDE WORKINGS TO YOUR SOLUTIONS You intend to purchase a new car upon graduation in two years. It will haveacost of

ANSWER ALL QUESTIONS. PLEASE PROVIDE WORKINGS TO YOUR SOLUTIONS

You intend to purchase a new car upon graduation in two years. It will haveacost of RM29,371, including all extra features and sales tax. You just received a RM3,000pre-graduation gift from your rich uncle that you intend to deposit in a moneymarket account that pays 6% interest, compounded monthly. If you use the amount in the money market account for a down payment, and take out an auto loanfor theremainder, how much will you need to borrow?

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