Monthly payment of the loan

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Salina applies for mortgage loan 7 years ago for RM350,000 at 5 percent interest rate for 30 years from CIMB Bank. The instalment paid on a monthly basis. New loan offer by CIMB bank at 3 percent interest rate. Therefore, Salina plan to refinance her loan according to the latest rate offered by the bank. Given the following information, calculate;

i. Monthly payment of the loan.

ii. New monthly payment if Salina refinances her mortgage.

Reference no: EM133058566

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