Salman has signed sale and purchase agreement to buy a property from Oakland Realty Bhd recently.  The selling price of the property is RM1,500,000. Salman needs to pay 10% deposits to Oakland Realty Bhd and plans to settle the remaining balance using the housing loan from Maybank Islamic Berhad that bearing the interest rate at 6% per annum for 20 years loan tenure.

 

1. Compute the yearly installment loan amount.

2. Prepare a loan amortization schedule for a period of 3 years only.

Answer rating: 100% (QA)

To calculate the yearly installment loan amount we can use the formula for a fixedrate mortgage loan ... View the full answer