Question 5 (a) Eighteen months ago, Aishah deposited RM1500 in a savings account earning 5% interest...

 

Transcribed Image Text:

Question 5 (a) Eighteen months ago, Aishah deposited RM1500 in a savings account earning 5% interest compounded semi-annually. At the same time, she deposited RM150 at the end of every month in another account earning 3% interest compounded monthly. Today, she intends to withdraw all her money from both accounts to pay part of the 10% down payment for a new motorcycle. The cash price of the motorcycle is RM54000. i. How much is the total withdrawal from both accounts? (b) (C) Aishah plans to take up a loan from a finance company to finance the 90% balance of the motorcycle price. The finance company charges interest at 4.5% compounded monthly and the loan is payable in six years. How much will the monthly payments be? Malaya Bank offers two interest rates for fixed deposits. Offer 1: 12% compounded quarterly Offer 2: 13.55% simple interest If you want to invest for two years, which offer would you choose? Show your working to justify your choice. The cash price of a condominium is RM204600. It can be purchased through an instalment of 10% followed by 360 equal monthly payments. The interest charged is 6.8% compounded monthly. Find the monthly payment. Question 5 (a) Eighteen months ago, Aishah deposited RM1500 in a savings account earning 5% interest compounded semi-annually. At the same time, she deposited RM150 at the end of every month in another account earning 3% interest compounded monthly. Today, she intends to withdraw all her money from both accounts to pay part of the 10% down payment for a new motorcycle. The cash price of the motorcycle is RM54000. i. How much is the total withdrawal from both accounts? (b) (C) Aishah plans to take up a loan from a finance company to finance the 90% balance of the motorcycle price. The finance company charges interest at 4.5% compounded monthly and the loan is payable in six years. How much will the monthly payments be? Malaya Bank offers two interest rates for fixed deposits. Offer 1: 12% compounded quarterly Offer 2: 13.55% simple interest If you want to invest for two years, which offer would you choose? Show your working to justify your choice. The cash price of a condominium is RM204600. It can be purchased through an instalment of 10% followed by 360 equal monthly payments. The interest charged is 6.8% compounded monthly. Find the monthly payment.

Answer rating: 100% (QA)

a i ii b Given effective rate 12 compounded quarterly Effective rate 112441 10341 0125509 1255 S... View the full answer