Mr. Varun has been saving RM 450 every month in XYZ Bank for the past 9 years. He plans to buy a house worth RM 450,000 with a 10% down payment towards financing the house. (a) What is Mr. Varun’s accumulated savings in XYZ Bank if the bank offers him an interest of 4 % compounded monthly for the first 5 years and 3.5% compounded monthly for the rest of the period?
(b)How much is the down payment of 10% and the loan amount of 90% for the house? Does Mr. Varun have enough money to pay the down payment for the house?
(c) After paying the down payment for the house, Mr. Varun applies for housing loan from XYZ Bank and the bank approves the loan. What is the monthly payment of the housing loan, if he was offered 4.5% interest compounded monthly for 30 years?