A new 52-level private condominium, with units starting from the first level, has just been launched

Question

A new 52-level private condominium, with units starting from the first level, has just been launched. The sale price of a unit depends on the floor area and the level the unit is on. The price of each similar unit increases by a specific amount per level. Below is some information of the different types of units available. Type of unit | 2-room | 3-room | 4-room | 5-room Number of toilets | 1 | 2 | 2 | 2 Floor area (m²) | 40 | 60 | 90 | 110 Price per square feet (/feet²) | 890 | 990 | 1100 | 1300 Increase in price per level () | 13 000 | 16 000 | 19 000 | 22 000 - Given that (1 ext m=3.28 ext feet), show that the floor area of a 3-room unit is 646 square feet, correct to 3 significant figures. - Calculate the sale price of a 3-room unit on the first level. - Lisa is planning to buy a 3-room unit. To purchase the unit, she decides to pay 45% of the price of the unit and take a housing loan from the bank to pay the remaining amount by monthly instalments. The bank charges a simple interest rate of 3% per year for 25 years. Lisa has a gross monthly salary of $7500, and she does not plan to spend more than 30% of her gross monthly salary to pay for the monthly instalment. Suggest the maximum level that Lisa can afford to purchase. Justify the decisions you make and show your calculations clearly.

Accepted Answer

(a) $646\text{ ft}^2$ (b) $\$639048.96$ (c) 4th level

Type of unit	2-room	3-room	4-room	5-room
Number of toilets	\(1\)	\(2\)	\(2\)	\(2\)
Floor area (m²)	\(40\)	\(60\)	\(90\)	\(110\)
Price per square feet (\(\$/\text{feet}^2\))	\(890\)	\(990\)	\(1100\)	\(1300\)
Increase in price per level (\(\$\))	\(13\,000\)	\(16\,000\)	\(19\,000\)	\(22\,000\)

2025 AISS PRELIMS P2 Q10

2025 AISS PRELIMS P2 Q10

Solution:

Solution locked