The cash price of an apartment is RM80,000. Suhaimi bought the apartment through an instalment plan for 12 ½ years and the interest rate charged was 8% compounded monthly.
i) Find the equal monthly instalment.
ii) After paying 1 year, Suhaimi decide to settle all the outstanding balance. Find the amount Suhaimi had to pay on the 13th payment. 

What is the total interest charged?

Answer rating: 100% (QA)

i To find the equal monthly installment we can use the formula PMT rPV 1 1 rn r 8 12 0006... View the full answer