Ms.Zara purchased a house at cost RM469,500 and she pays RM100,000 down payment. The balance is...

 

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Ms.Zara purchased a house at cost RM469,500 and she pays RM100,000 down payment. The balance is to be paid in equal monthly payments for 30 years. The first instalment is due one month after the date of purchase and the interest rate is 4.2% compounded monthly. (a) Calculate the monthly instalment payment. (b) If Ms.Zara fails to make the first three monthly payments, how much should she payon the fourth payment to settle all the outstanding arrears? (c) Immediately after paying for twenty years, Ms.Zara wants to settle the loan in full. How much is the amount that needs to be paid? Ms.Zara purchased a house at cost RM469,500 and she pays RM100,000 down payment. The balance is to be paid in equal monthly payments for 30 years. The first instalment is due one month after the date of purchase and the interest rate is 4.2% compounded monthly. (a) Calculate the monthly instalment payment. (b) If Ms.Zara fails to make the first three monthly payments, how much should she payon the fourth payment to settle all the outstanding arrears? (c) Immediately after paying for twenty years, Ms.Zara wants to settle the loan in full. How much is the amount that needs to be paid?

Answer rating: 100% (QA)

Heres the solution to the problems you presented a Monthly Instalment Payment 1 Define the loan amou... View the full answer