question archive a) Mr Hariz has just retired and has RM680,000for his retirement
a) Mr Hariz has just retired and has RM680,000for his retirement
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a) Mr Hariz has just retired and has RM680,000for his retirement. He has decided to place all his money into fixed deposit that pays interest of 4% per annum. In order to overcome inflation estimated at 3% per annum, Mr Hariz first year retirement income of RM40,000 is to increase by 3% per annum. how long will his money last?
Select one: a. About 242 months. b. About 252 months. c. About 222 months. d. About 232 months.
b.
A 10-year term financing of RM250,000 with financing cost rate of 9% per annum with quarterly repayments to start 3 months after full disbursement of financing means:
Select one:
a. 10 quarterly-installment of RM9,543.34
b. 40 quarterly-installment of RM9,543.34
c. 10 quarterly-installment of RM9,334.32
d. 40 quarterly-installment of RM9,334.32
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1.
=log(1-680000*1.04/40000*(1-1.03/1.04))/log(1.03/1.04)*12
=231.42
About 232 months
2.
40 quarterly-installment of RM9,543.34
