Jane is a nurse by profession and she has been saving RM 300 every month in ABC Bank for the past 8 years since she started to work. With her accumulated savings, Jane plans to buy a car worth RM 146,000.
(a) Determine Jane's accumulated savings in ABC Bank if the bank offers her an interest rate of 3.75% compounded monthly and find the interest earned by Jane.
(b) How much is the down payment of 20% and the loan amount of 80% for the SUV? Does Jane have enough savings to pay the down payment for the SUV?
(c) Determine Jane's monthly installment for her car if a bank offers her a 2.1% interest compounded monthly for 5 years and find the interest paid towards her financing.
(d) Five years ago, Jane invested RM P in JQK Bank where she was offered an interest rate of 3.5% compounded monthly. Today the amount is RM 13,000. Find the amount that Jane deposited five years ago.