PLEASE PROVIDE WORKINGS TO THE SOLUTIONS. You have just graduated and need money to buy a new car. Your rich Uncle John

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answerhappygod
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PLEASE PROVIDE WORKINGS TO THE SOLUTIONS. You have just graduated and need money to buy a new car. Your rich Uncle John

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PLEASE PROVIDE WORKINGS TO THE SOLUTIONS.
You have just graduated and need money to buy a new car. Your rich Uncle John will

lend you the money so long as you agree to him back within four years, and you offer to

pay him the rate of interest that he would otherwise get by putting his money in a

savings account. Based on your earnings and living expenses, you think you will be able to pay him RM5,000 in one year, and then RM8,000 each year for the next three years. If Uncle Chan would otherwise earn 6% per year on his savings, how much can you borrow from him?
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