Question: Jason wanted to buy a brand-new car. He could only afford to pay RM 6000 for a down payment and decided to take a loan

Jason wanted to buy a brand-new car. He could only afford to pay RM 6000 for a down payment and decided to take a loan to finance the balance of the PP amount. Bank A offered him an interest rate of 6.8% compounded quarterly for the first two years with no loan repayment and interest rate of 9.0% compounded quarterly thereafter. After two years, he made level loan repayments at the end of each month to fully pay the loan for a certain period. Calculate the monthly repayment amount needed to pay off the loan and construct the loan schedule for the price of the car with the loan tenure 9 years.

(a) Calculate the total interest paid on the loan.
(b) Calculate the monthly repayment amount if Jason paid RM 650 per month for the first two years.
(c) Calculate the total amount of payment made if Jason decided to pay off the loan 3 years early.

(Answer needs to be on Excel sheet) and in writing

1. All calculation should be done in Excel.
2. For Question 1, you will need to choose a car brand and model for Jason. The price of the car should be genuine selling price as advertised in the car dealer websites.

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