Salina applies for mortgage loan 7 years ago for RM350,000 at 5 percent interest rate for 30
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Question:
Salina applies for mortgage loan 7 years ago for RM350,000 at 5 percent interest rate for 30 years from CIMB Bank. The instalment paid on a monthly basis. New loan offer by CIMB bank at 3 percent interest rate. Therefore, Salina plan to refinance her loan according to the latest rate offered by the bank.
Calculate;
i.Monthly payment of the loan.
ii.New monthly payment if Salina refinances her mortgage.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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