Continuing from previous post
10% discount per year
From what I understand, the discount is based on annual payment. So,
RM2,320 x 90% = RM2,088 / year
RM2,088 x 15 years = RM31,320
(RM3,320 savings if deducted from RM34,804 - normal 3% interest)
based on 1%
RM2,148 x 90% = RM1,933.2 / year
RM1,933 x 15 years = RM 28,998
(RM3,202 savings if deducted from RM32,200 - 1% ujrah)
(RM5,806 savings if deducted from RM34,804 - normal 3% interest)
20% discount on lump sum paid
RM28,000 x 80% = RM22,400
(RM5,600 savings if deducted from RM28,000 - no interest)
(RM6,598 savings if deducted from RM28,998 - 1% ujrah + 10% discount / year)
(RM8,920 savings if deducted from RM31,320 - 3% interest + 10% discount / year)
(RM9,800 savings if deducted from RM32,200 - 1% ujrah)
(RM12,404 savings if deducted from RM34,804 - normal 3% interest)
Sad I forgot how to calculate present/future value. Need to reread lecture notes lol. Will update if I ever do that. But glancing through, paying lump sum seems like a better choice at the moment. Hmm.. will stick to paying monthly for the time being.. *prays that there will be other changes in the future*
