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Question 5 Lawrence bought a new house for RM388 000. He needed to pay a 5% down...

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Finance

Question 5

Lawrence bought a new house for RM388 000. He needed to pay a 5%down payment. The balance was borrowed from a finance company thatcharged interest at 7.23% compounded monthly. The period of thepayment was 20 years.

  1. Find the amount he needed to borrow from the financecompany.
  2. Find the monthly installment payment made to the financecompany.
  3. After paying for 13 years, he decided to settle all theunsettled loan in one single payment, find:
  1. The amount of this single payment.
  2. The total interest paid.
  3. The amount of rebate from the finance company.

Answer & Explanation Solved by verified expert
3.7 Ratings (552 Votes)
a House Price RM 388000 and Downpayment 5 005 x 388000 19400 Amount Borrowed Mortgage Amount 388000 19400 368600 Interest Rate 723 compounded monthly Mortgage Tenure    See Answer
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Question 5Lawrence bought a new house for RM388 000. He needed to pay a 5%down payment. The balance was borrowed from a finance company thatcharged interest at 7.23% compounded monthly. The period of thepayment was 20 years.Find the amount he needed to borrow from the financecompany.Find the monthly installment payment made to the financecompany.After paying for 13 years, he decided to settle all theunsettled loan in one single payment, find:The amount of this single payment.The total interest paid.The amount of rebate from the finance company.

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