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QUESTION 2 Ali is buying a new coffee machine for RM45,000. To finance his purchase, he trades in his old coffee machine
Posted: Sun Jul 03, 2022 12:52 pm
by answerhappygod
- Question 2 Ali Is Buying A New Coffee Machine For Rm45 000 To Finance His Purchase He Trades In His Old Coffee Machine 1 (45.66 KiB) Viewed 12 times
QUESTION 2 Ali is buying a new coffee machine for RM45,000. To finance his purchase, he trades in his old coffee machine for RM20,000 and takes a loan of RM25,000 from a bank at 6% compounded monthly. a) If Ali intends to settle his debt in five years, how much must he repay the bank monthly? (5 marks) b) Immediately, after making 12 repayments, Ali wants to sell his coffee machine. If the bank requires him to settle his outstanding debt in one payment, how much must he repay the bank? (5 marks)