Question: John bought a condo for RM 630,000. He made a 15% down payment and financed the balance through a bank for 30 years. (a) If

John bought a condo for RM 630,000. He made a 15% down payment and financed the balance through a bank for 30 years. (a) If the interest rate was 6.5% compounded monthly, find the monthly payment that John made to settle the loan. (5 marks)

(b) How much was the total interest charged? (3 marks)

(c) Suppose John missed the first three payments. How much should be paid on the fourth month if he wanted to settle the outstanding arrears? (5 marks)

(d) Immediately after paying for 20 years, John wants to settle the loan in full. How much is the amount that need to be paid?

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