A young couple takes out a RM80,000 mortgage to buy a new condominium. They finance the...

A young couple takes out a RM80,000 mortgage to buy a new condominium. They finance the loan at 7% p.a. compounded quarterly for 20 years and the quarterly payment will be made at the end of period. How much interest will they pay over the 20-year life of the loan? pls attach the formula used.

Expert Solution

Calculation of total interest that would be paid over the life of the loan is shown below

The calculation of interest amount is shown below

jeff jeffy answered 1 year ago

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