Question: Roxi is considering purchasing an apartment costing Tk 7,000,000 at Dhaka. She will pay a 30% down payment and take out a mortgage for the

Roxi is considering purchasing an apartment costing Tk 7,000,000 at Dhaka. She will pay a 30% down payment and take out a mortgage for the reminder. Since she just got married and wants to save some money for future use, she will choose the plan with the lowest monthly payment. After visiting several banks, she received the following mortgage offers:

Bank Interest rate Term (years) Dhaka Bank Limited 3.5% 15 Prime Bank Limited 3% 20 Eastern Bank Limited 4% 25 Meghna Bank Limited 4% 18

i) What are the monthly payments for plans offered by the four banks? ii) Which plan should Roxi choose? Why?

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