Encik Maniam plans to purchase a new bungalow in Bandar Darulaman at a cost of RM350,000. He will pay 20% deposit and will borrow the remaining...

Encik Maniam plans to purchase a new bungalow in Bandar Darulaman at a cost of RM350,000.  He will pay 20% deposit and will borrow the remaining balance.  A local bank approves the loan and offer the following:

Type of financing:Conventional Housing Loan

Interest rate (monthly rest):   Month 1 – 3:0.3% per month

Month 4 – 12:0.35% per month

Year 2 onwards:7.0% per annum

Tenure:20 years

           Calculate the outstanding balance at the end of the fifth month.

(5 marks)