QUESTION ( Answer all question with Explanation)

1.) You deposit RM500 monthly into an account that pays interest of 6.3% p.a. How much will you have in the account in 8 years?

2.) You deposited RM500 every six months and wishes to have RM30,000 in 10 years. What interest rate should your account be to accumulate the fund? ______%

3.) You deposited RM500 every three months and wishes to have RM30,000 into an account with interest rates of 5.5% p.a. How long will it takes for you to have the amount saved?_________ years

4.) You borrowed RM350,000 to purchase an apartment, which will be paid in 15 years through monthly installment. The rate on the financing is 3.63% p.a. How much is your monthly committment?

5.) You paid RM13,134.35 semi-annually for a loan of RM200,000, for the next 10 years. Determine the rate of loan.

6.) Property purchase at RM500,000, to be paid every quarterly in 20 years. The financing is at 3.5% annually.