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C. Ella deposited RM363 monthly into Scheme A that offers interest rate of 3.8% compounded monthly. After 5 years of the investment, she withdrew all the money to pay the down payment of the apartment she bought. i. Calculate the total amount of down payment. (4 marks) The price of the apartment is RM200,000 and the balance is paid by making 240 monthly payments. The interest rate charged is 4% compounded monthly. ii. Calculate the monthly payment to be paid for the apartment. (5 marks) (Total: 18 marks)
Sagot :
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