Question: Let's say you have been working in a medium-sized private company for a few years and due to the current pandemic, the company is planning

Let's say you have been working in a medium-sized private company for a few years and due to the current pandemic, the company is planning to restructure by down-sizing its human capital. You intend to take this opportunity to pursue further study by enrolling in an MBA programme that requires RM40,000 in order to study full-time. As you still do not have much savings and after giving some careful thought, you decided to get a loan from a bank.

Assuming the bank will only lend you 90% of the MBA Programme fee, calculate the monthly installment payment for a repayment term of 5 years with an interest of 4%. Is there any other cost involved? how the amortization and show all your calculation for the first year?

Supposed the bank required you to provide a guarantor to support your credit-worthiness in securing your loan application. What is a guarantor and who can be your guarantor? What is the liability of a guarantor?

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