7. (a) Find the total money a customer needs to pay back for a bank loan below: Annual Interest rate = 12%, Loan RM600, loan period=90 days. (b) A consumer loan of RM2000 at 12% compounded monthly is to be amortized by 4 monthly payments. Calculate the monthly payment and construct an amortization schedule. 6. Find the future value of RM10,000 which was invested for (a) 3 years at 6% compounded annually. (b) 5 years 6 months at 6% compounded monthly. (c) 15 years 7 days at 6% compounded daily.
7. (a) Find the total money a customer needs to pay back for a bank loan below: Annual Interest rate = 12%, Loan RM600, loan period=90 days. (b) A consumer loan of RM2000 at 12% compounded monthly is to be amortized by 4 monthly payments. Calculate the monthly payment and construct an amortization schedule. 6. Find the future value of RM10,000 which was invested for (a) 3 years at 6% compounded annually. (b) 5 years 6 months at 6% compounded monthly. (c) 15 years 7 days at 6% compounded daily.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![7. (a) Find the total money a customer needs to pay back for a bank loan below:
Annual Interest rate = 12%, Loan RM600, loan period=90 days.
(b) A consumer loan of RM2000 at 12% compounded monthly is to be amortized by 4
monthly payments. Calculate the monthly payment and construct an amortization schedule.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4ad229d2-94c2-4360-b0ca-273c76ee826c%2F28672737-212e-433f-a2bb-f0794066a21f%2Fngk897_processed.png&w=3840&q=75)
Transcribed Image Text:7. (a) Find the total money a customer needs to pay back for a bank loan below:
Annual Interest rate = 12%, Loan RM600, loan period=90 days.
(b) A consumer loan of RM2000 at 12% compounded monthly is to be amortized by 4
monthly payments. Calculate the monthly payment and construct an amortization schedule.
![6. Find the future value of RM10,000 which was invested for
(a) 3 years at 6% compounded annually.
(b) 5 years 6 months at 6% compounded monthly.
(c) 15 years 7 days at 6% compounded daily.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4ad229d2-94c2-4360-b0ca-273c76ee826c%2F28672737-212e-433f-a2bb-f0794066a21f%2Fd8g27yb_processed.png&w=3840&q=75)
Transcribed Image Text:6. Find the future value of RM10,000 which was invested for
(a) 3 years at 6% compounded annually.
(b) 5 years 6 months at 6% compounded monthly.
(c) 15 years 7 days at 6% compounded daily.
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