Answer to Question #156846 in Finance for sherny

Question #156846

Syafik borrowed RM150,000 from ABC Bank for 5 years at an interest rate of 12% compounded monthly. How much is his monthly loan payment?

1
Expert's answer
2021-01-25T13:53:20-0500

(The Bond is for 5 years, but as it is a monthly payment so multiplied by 12)

(The borrowed money is 150,000)

(The loan will be paid in full)

(Yearly rate is 12 , as monthly, so divided by 12)

The monthly loan payments will be

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