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How much would you have to pay weekly

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Question - You borrow RM65,000 from a private loan firm, that charges you the interest rate of 6.5%, compounded weekly, over the 10-year loan term. Note: 52 weeks per year.

(a) How much would you have paid for that loan at the end of the loan term?

(b) How much would you have to pay weekly to completely pay off the loan over the loan term?

(c) If you instead negotiate with the loan firm to pay RM180 per week for the first 5 years and RM150 per week for the next 5 years, and finally settle the outstanding amount at the end of the 10th year with a single balloon payment, how much would that payment be?

Reference no: EM132949073

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