Mr Jeffrey wants to renovate his house. He takes a personal loan of RM 45000 from a bank with an interest rate of 5% per annum and the payback period is 6 years. (a) What is the monthly instalment payable by Mr Jeffrey ? (b) If Mr Jeffrey wants to reduce one year from the loan repayment period, calculate the amount of money need to be added to the existing instalment.
Mr Jeffrey wants to renovate his house. He takes a personal loan of RM 45000 from a bank with an interest rate of 5% per annum and the payback period is 6 years. (a) What is the monthly instalment payable by Mr Jeffrey ? (b) If Mr Jeffrey wants to reduce one year from the loan repayment period, calculate the amount of money need to be added to the existing instalment.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Mr Jeffrey wants to renovate his house. He
takes a personal loan of RM 45000 from a
bank with an interest rate of 5% per annum
and the payback period is 6 years.
(a) What is the monthly instalment payable
by Mr Jeffrey ?
(b) If Mr Jeffrey wants to reduce one year
from the loan repayment period, calculate
the amount of money need to be added to
the existing instalment.
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