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Calculate total interest for the loan for the whole tenure

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Reference no: EM132825846

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.

ii. Calculate total interest for the loan for the whole tenure of 30 years.

Reference no: EM132825846

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