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  3. (4 marks b. you decide to take out a 30-year mortg

(4 marks b. You decide to take out a 30-year mortgage loan to buy the...

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(4 marks b. You decide to take out a 30-year mortgage loan to buy the home of your dreams. The home's purchase price is RM120,000. You manage to secure a RM20,000 down payment and plan to borrow the balance of the purchase price. MRCB Mortgage quotes you a fixed annual loan rate of 12 percent. i. Calculate monthly payment. (5 marks) ii. Calculate total interest for the loan for the whole tenure of 30 years. (2 marks)

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