Daus plans to buy a house that costs RM180,000. He can afford to pay 10% as a
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Question:
Daus plans to buy a house that costs RM180,000. He can afford to pay 10% as a down payment. The balance must be financed by Suci Bank that charges an interest rate of 8.64% compounded monthly. Daus agrees to pay the loan in monthly instalments for 15 years.
i) How much is Daus’s monthly instalment?
ii) How much did Daus pay for the house?
iii) Calculate the total interest that is charged to Daus.
Related Book For
Fundamentals of Financial Management
ISBN: 978-0324664553
Concise 6th Edition
Authors: Eugene F. Brigham, Joel F. Houston
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