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Compute the yield rate and amount repayable to the bank

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Problem 1: You borrowed from Maybank RM 85,600 @ 5.6% pa a car loan; three years ago, repayable in 7 years (84 months). Your monthly installment is RM 1418.52, and you already paid for 36 months without fail. You are inherited an amount of RM 200,000 from you grandfather. These funds you want to utilise in repaying your outstanding car loan as bullet payment. Compute the yield rate and amount repayable to the bank.

Reference no: EM132678069

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