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Assuming you have graduated and have been working for several years

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Assuming you have graduated and have been working for several years. You are planning to buy a double-storey terrance house in Kluang, Johor built by the Kluang Setia Development Sdn.Bhd which cost RM443,000. You have saved some money and plan to use them as a down payment for the house that you intend to purchase. You intend to apply for 35 years loan to finance the remaining of purchase price. b. Calculate the amount of the down payment for the house you intend to purchase if you would like to make 10 percent down payment. (2 marks) c. You have been approach by the bank and provided the following offers: Bank Interest rate (% p.a.) Maximum tenure (year) Maximum Margin (%) Lock in Period (Year) Standard Chartered 4.50 35 100 0 Bank of China 2.85 35 80 3 HSBC 3.74 35 90 0 Maybank 3.25 35 85 3 CIMB Bank 3.10 35 90 3 RHB Bank 3.74 30 90 3 Bank Rakyat 3.18 30 90 5 c) i. Which bank do you prefer to take up the loan. Justify. (3 marks) c) ii. Based on your answer (i), calculate your monthly installment to the bank. (4 marks) d. After 10 years of buying the house, you decide to assess the cost of servicing the loan. d) i. Fill up the monthly amortization table for 10 years by using Excel. [Hint: copy and paste your answer in below table] Month Beginning Principal Annuity Payment Interest Payment Principal Payment Ending Principal 1 2 : : 120 (24 marks) d) ii. Based on your answer above d(i), answer the following: a. In Ringgit terms, how much have you paid to the respective bank? (2 marks) b. How much do you still owe on the property? (2 marks) c. How much total interest have you paid to the respective bank? (2 marks) d. How much total principal amount have you paid to the respective bank? (2 marks) e. Based on your observation from month 1 until 120, discuss on annuity payment specifically on interest and principal payment. (3 marks) f. Moratorium is a time period in which payback on loans can be suspended in order to relief for those who are facing temporary financial constraints due to the current pandemic. Under the PEMULIH stimulus package, Malaysia has offered the second time, 6-month moratorium for all loans, applicable to all Malaysians starting July 2021 until the end of the year 2021. Should you take the 6-month deferment for your loans? Justify. (3 marks)