Master of Technology and Innovation Management (MTIM)

Semester 1, Session 2014/2015

MMJT 1023: BUSINESS PLANNING & ORGANIZING

Business Plan
Ready Cleaning Service

Nusaibah Roslan MMJ141005

Sharifah Radhiah Syed Azman MMJ141003

Lecturer: Mr Hiroyuki Ishizaki

Submission Date: 20 January 2015

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 Ready Cleaning Services
Business Plan
Lot 3/34 Jalan Haruan, Taman Oakland, Seremban.
06- 4355612 / 013-2482301

www.readycleaningservices.com

Nursaibah Roslan
013-36540408
ibah@readycleaning.com

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Table of Content

No Contents Page
Table of Content 2
Executive Summary 3
1.0 Mission, Vision & Value Statement 4
1.1 Tagline 4
1.2 Company Logo 4
2.0 Market Overview 5
2.1 Market Needs 7
2.2 Market Trends 7
3.0 Product Service and Business Outline 8
3.1 Background of the Company 8
3.2 Service 8
3.3 Insurance 8
3.4 SWOT Analysis 9
4.0 Existing Players 10
5.0 Differentiation Strategy 11
6.0 Business Model 13
6.1 Price 13
7.0 Production (Process & Procurement) 14
7.1 Service Request Process 14
7.2 Residential Services Process 15
7.3 Laundry Services Process 15
8.0 Marketing & Sales 16
9.0 Management Team 17
9.1 Ready Cleaning Service Organizational Chart 18
9.2 Personnel Management 19
9.3 Job Specification 19
9.4 Schedule of Remuneration 20
10.0 Financial Projection 21
10.1 Marketing budget 21
10.2 Acquisition of Machinery and Equipment 21
10.3 Operation overhead 22
10.4 Balanced Sheet 23
10.5 Sales Forecast 24
10.6 Income Statement 24
11.0 Investment and Return 25
11.1 Table of loan repayment 25
References 26

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Ready Cleaning Service
Executive Summary
Ready Cleaning Service is a startup residential cleaning service that aims to provide
customers with all residential cleaning services professionally, first class quality and with
convenient scheduling.

Services provided include cleaning of floors, windows, cabinets, dishes, laundry, furniture,
bedroom, and toilet. Besides residential cleaning, we also provide cleaning before or after
event; after they have thrown a party or when they are conducting an event.

The type of business is Private Ltd. and is owned by Nursaibah Roslan. Limited company is a
type of company which when set-up allows an entrepreneur to keep their own assets and
finances separate from the business itself.

Ready Cleaning Services target market is focusing in Seremban, Negeri Sembilan. Seremban
has the biggest number of house compared to others big cities in Negeri Sembilan which is
Port Dickson and Nilai. The market is growing due to increase of income per household. The
market is likely to maintain better than average growth due to the lifestyle of the people in
Seremban have developed within the decades, working longer and longer hours.

The effect of the longer work week is that people have less time to take care of the personal
maintenance responsibilities such as house cleaning. This service will save the customer time
and energy of doing the work. The customer has the benefit of enjoying a clean and attractive
home. The customer also has extra leisure time for entertaining guests, enjoying hobbies, or
any other activities.

The company will hire 13 staff with eight cleaners as the plan is to penetrate at least 10% of
the market in Seremban. The current market is 77 thousands household but the number are
expected to growth more than 20 thousand households. Each of staff has their own
responsiblities in order to keep the business running. Employees are vital components of
providing a professional, quality cleaning service; therefore, Ready Cleaning Services will
provide adequate pay to all employees.

For a start, the company may need of total RM 110 00 with debt financing of RM 50 000. The
loan proceeds will be utilized primarily in purchasing cleaning equipment & supplies, lease
payments, payroll, and additional working capital needs throughout the first year. Nursaibah
contributes her own money of RM 60 000. Ready Cleaning Services projects annual revenues
of RM 1,732,500 in Year 1 with operating expenses of RM 335,360.

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1.0 Mission, Vision & Value Statement
Mission
To provide customers with all residential cleaning services professionally, first class
quality and convenient scheduling.
Vision

 To create a clean and sustainable environment domestically

 To provide a service based company that exceeding customer’s expectation
 To be the best cleaning service company in Malaysia
Value Statement

 Commitment
- Fully committed staff to provide a service that will satisfy the customers need
 Security & Safety
- Serve to the clients with their safety comes first, in terms of their belongings
 Customer need
- Provide services that beyond customers need

1.1 Tagline

Ready to clean, ready to shine

1.2 Company Logo

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2.0 Market Overview

The cleaning industry provides a critical service to both individuals and commercial enterprises.
It requires hard work, professionalism and an awareness of evolving technologies and
information. It emphasizes the positive results of properly done commercial cleaning, which
include providing a safe, healthy indoor environment for people to work and helping people
avoid symptoms and illnesses caused by an unhealthy environment.

Cleaning service companies are increasingly forced to adapt to clients’ changing needs in the
face of economic difficulties. The industry needs to respond to fundamental requirements of
the society such as cleanliness, hygiene and protection of the environment. It represents, in
economic and social terms, one of the most dynamic areas of corporate services.

Ready cleaning services market focus in Seremban, Negeri Sembilan. Seremban has the
biggest number of house compared to others big cities in Negeri Sembilan which is Port
Dickson and Nilai. The market is growing due to increase of income per household. The
market is likely to maintain better than average growth due to the lifestyle of the people in
Seremban have developed within the decades, working longer and longer hours. The effect
of the longer work week is that people have less time to take care of the personal maintenance
responsibilities such as house cleaning. Instead, people will work and longer hours and pay
someone to take care of other, less important or less desirable

Negeri Sembilan Monthly Gross Household Income

5000 4576
4500
4000 3540
3336
3500
2739 2886
3000
2500 Negeri Sembilan Monthly
2000 Gross Household Income
1500
1000
500
0
2002 2004 2007 2009 2012

2002 2004 2007 2009 2012

Negeri Sembilan Monthly 2739 2886 3336 3540 4576
Gross Household Income (RM)

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 Total Household

23,336
43,715

Port Dickson
Seremban
Nilai

77,367

Total Living Quarters

36120
62,792

Port Dickson
Seremban
Nilai

96,647

Port Dickson Seremban Nilai

Total Household 23,336 77,367 43,715
Total Living Quarters 36120 96647 62792

Seremban has the biggest number of households. the current market is 77 thousands
household but the number are expected to growth more than 20 thousand households.

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2.1 Market Needs

Ready Cleaning Service is providing its customers with a professional, residential house
cleaning service, aimed at the upper echelon of the market. We seek to fulfil the following
benefits that are important to its customers.

 Professionalism: All employees will be well trained to exude professionalism from all
of their actions and conversations.

 Convenience: We will provide its services in the manner that is most convenient to
the customer, including arranging for visits when the owner is not home.

 Trustworthiness: Many people have legitimate concerns regarding cleaning services

in their home and the possibility of theft and breakage. These concerns have been
eliminated or significantly reduced through a comprehensive screening and training
process for employees. Additionally, Ready carries insurance designed to cover any
loss that the customer may attribute to the company.

2.2 Market Trends

The market trend in house cleaning has shifted from individual service providers to companies.
Years ago, most families had a single housekeeper who was responsible for the cleaning of
their home(s). This individual was often considered a member of the family. Less and less
families these days are serviced by an individual housekeeper. The trend is moving toward
having a cleaning service come into the home weekly.

The residential cleaning demands are increasing due to dual income per household trend.
Nowadays, both spouses are working. The duration of working hour is about 45 hours per
week. They have tight schedule that they do not have enough time to maintain the house
cleanliness. When they are free from work, the time are used to rest, to spend with family or
going to holiday. They are less desire to spend the time to take care of personal maintenances
responsibility. Moreover, due to higher income, they are willing to pay someone to do the
maintenances for them.

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3.0 Product Service and Business Outline

3.1 Background of the Company

Name of Business Ready Cleaning Service

Business Address Lot 3/34 Jalan Haruan, Taman Oakland,
Seremban
Contact Number 06- 4355612 / 013-2482301
Type of Business Pvt. Ltd.
Main Activities Residential Cleaning Service
Initial Capital RM 100, 000

Since it is a startup company, the type of business is Private Ltd. and is owned by Nursaibah
Roslan. Limited company is a type of company which when set-up allows an entrepreneur to
keep their own assets and finances separate from the business itself. This means that people
who have invested in the business (the shareholders) are only responsible for any company
debts up-to the amount that they have invested and no more. It is therefore a good way for a
business to get investment without risk to a personal wealth.

3.2 Service

Ready Cleaning Service will provide a residential house cleaning service for the upper end of
the market. Services provided include cleaning of floors, windows, cabinets, dishes, laundry,
furniture, bedroom, and toilet. Besides residential cleaning, we also provide cleaning before
or after event; after they have thrown a party or when they are conducting an event.

This service will save the customer time and energy of doing the work. The customer has the
benefit of enjoying a clean and attractive home. The customer also has extra leisure time for
entertaining guests, enjoying hobbies, or any other activities.

3.3 Insurance

Since our service is high risk in terms of safety and security of the customers’ belonging, we
provide an insurance as assurance to the customers. In example if the employee accidentally
broke an expensive vase (which in the inevitable case that something is broken, RCS has
specific guidelines for the employee to follow to resolve the conflict) and pay the compensation.

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 • Cleaning
Residential windows
Cleaning • Bedroom
• Sanitation

• Washing
Laundry • Drying
Service • Ironing
• Folding

• Preparation
Before/ before event
After Event • Clean up after
party

3.4 SWOT Analysis

The following SWOT analysis captures the key strengths and weaknesses within the company,
and describes the opportunities and threats facing by Ready Cleaning Service.

Strengths
 Commitment to quality service
 Dedication to customer satisfaction
 Value seen in its employees
 Convenient service schedule
 Owner experience in the hospitality
industry
Weakness
 Inherent time lag when building goodwill 
and trust.
 The difficulty of establishing brand equity
as a start-up company.
 Limited resources
Opportunity
 New market with unlimited opportunities
 Market is showing consistent high
growth
 Current trends: Working spouse, tight
schedule
 No dominant cleaning services in
Seremban
 No laundry services in other cleaning
services company
Threat
Low barriers for entry of competitors
 Competitors may add “Laundry service”
in their line
 Employee turnover

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4.0 Existing Players

Features Merry Maids H20 Cleaning Ready cleaning

No of maid 2 1 2
Maid gender Female Female Female/ male
Office cleaning No Yes No
Residential Yes Yes Yes
cleaning
Package One time One time One time
Weekly Monthly Weekly
Monthly Monthly
Move in/out Yes Yes No
Before/ after event Yes Yes Yes
Vacuuming Yes No Yes
Staircase cleaning Yes No Yes
Laundry services No No Yes
Cleaning Product Yes No No
Promotion Website, FB, Website, Flyers FB, flyers, brochure,
Smartphone apps, website
Magazine
Price One time-350 One time-100 One time-225
Moving-350 Monthly-380 Monthly-850
Monthly-1400 Moving-150
Location All Malaysia Selangor Seremban

Currently there are two other main players in the cleaning service industry. However, we have
our own strength and market segmentation plus with our own differentiation.

Competitor Strength Weakness

Merry Maid High coverage Expensive

Brand acknowledgment
Sell cleaning product
Huge marketing effort
H2O Cheap
Offer office cleaning
No laundry service
Only in Selangor
Take longer time to clean
No vacuuming and staircase
cleaning
No laundry service

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5.0 Differentiation Strategy

Since the Ready Cleaning Service is not the pioneer of the cleaning service industry, we need
to have competitive edge that will make us different with the competitors.

1. Offering laundry service

While all the competitors are focusing on the cleaning, we RCS are happily to include
laundry service as part of our service. Mostly all household have laundry need to be
done and consume time. Sometimes there clothes that need separation and special
care, therefore all our employees are trained on how to do this tedious work.
Consequently our laundry service will help to ease their pain in washing, drying and
ironing. With the unpredictable weather forecast in Malaysia, RCS have a portable
dryer that easily dry the clothes and able to proceed with the folding.

Figure 1 Portable Dryer Figure 2 Easy Top Folder

2. Training of good employees

Our competitive advantage will be based on our large investment in human capital.
RCS begins with a rigorous training program for new employees. At the outset,
employees with be trained on how to clean. Granted everyone has some idea on how
to clean, but we will show them a methodical way producing a far cleaner home more
efficiently. We will then be training employees to work effectively on teams. While there
are some households that prefer individual cleaners instead of a team, a request that
we are more than happy to oblige, we generally work in teams as they are more
efficient. Working efficiently on a team takes training, and through this team training,
we are able to make significant gains in efficiency.

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3. Professionalism
We provide our employees the tools necessary to impress our most affluent clients.
Professionalism is a skill that is used throughout the service call, from the way the
employee greets and interacts with the client, to the way they clean, to the way they
act when unexpected thing happened. We finally train our employees to know what
the expectations of our clients are. We will provide them the tools needed to exceed
these expectations. There are times when clients request for female employees as
they “think” female work is more meticulous but with our well trained program, we can
ensure professionalism is our priority. We will also be creating the appearance of
professionalism through the use of uniforms and large magnetic sign affixed to the side
of the vehicles we use.

4. Environmentally sound chemicals products

Alongside with our vision which is “to create a clean and sustainable environment
domestically”; for our cleaning tools, we are using the environmentally sound
chemicals to keep both house and environment clean at the same time. Most of the
competitors did not mention what kind of cleaning products they use and therefore it is
an advantage to us.

5. Bond and Trust

With good service and extensive training, it enables to build trust relationship between
our company and the client. It is the bond of trust that will not only earn RCS the loyalty
of that customer but also the referral of several more of their friends. Happy customers
will spread the word of service providers that they are satisfied with. It is also part of
the viral marketing.

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6.0 Business Model

Ready Cleaning Services will provide solution for working people, event organizer and people
who did not have enough time. Our business model is to sell time to customers so they can
use the cleaning time for other important thing.

Ready Cleaning Services will strive to build a reputation as the best of the best. This reputation
and relationships formed with clients will help the business grow through referrals and maintain
existing contracts. Direct sales and referrals will be vital to success.

Customers can directly get information about our services through our official website. They
can request for services via online ordering and phone call. We also use indirect methods to
spread our services such as through flyers, social media and word of mouth.

Ready cleaning service offer referral rewards to our customer. The customer will receive a
10% discount on their next cleaning when they refer a potential client to us. We also conduct
Guest Satisfaction Survey to know which part of our service that needs to be improved.

Company
(Ready Cleaning Service)

Flyers

Company website/ Phone call Facebook

(Ready Cleaning Service)
Word of
mouth

Customers
 working spouse
 working individual
 event organizer

6.1 Price
Flat/ Single Storey Double Storey Bungalow
Condominium
Per Room 35 50
Per Living Room 40 60
Per Kitchen 30 50
Per bathroom 25 30
Laundry 25
(Per cycle = 7 Kg)
Total 225 * 450**

*Standard house (3 rooms & 2 bathrooms, 1 laundry cycle)

** Standard bungalow (4 rooms, 3 bathrooms, 2 laundry cycle

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7.0 Production (Process & Procurement)

PRODUCT DESCRIPTION PRODUCTION

Residential cleaning Train maid, vacuum, mop, broom,
soap/detergent
Laundry services Dryer, iron, washing machine,
soap/detergent
Marketing/ promotion Phone call, website, mobile apps
Software/ website Internet
After service Insurance/ compensation

1) Service Request Process

Customers call to our company or ordering online via official website

Brief the customers on the services available and discuss with them to
the price and services

Get agreement from customers and confirm the services.

Customer pay deposit

Deliver the products and gives services to the customers.

Customers make full the payment

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 2) Residential Services Process

Send employees to customer’s home.

Start cleaning living room, kitchen, bedroom and bathroom

Cleaning service complete

Site supervisor inspect the work from cleaners

Pick up employees

3) Laundry Services Process

Send employees to customers home

Weigh the laundry

Wash and dry the laundry

Folding and Ironing service

Service complete

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8.0 Marketing & Sales
The sales process will begin through the qualification of leads generated from our marketing
campaign as follows:

1. Website
Besides the FB page, a website is crucial for business these days. With the “Goggling” of
information is widespread, RCS must take this opportunity so whenever users “Google”
cleaning service, Ready Cleaning Service will on top of the research list. A good website
must have all the information needed by customers, thus we will ensure that our website
is user-friendly and have a complete information. The website address must also be put
on our flyers.

Figure 3 Sample of Ready Cleaning Service webpage

2. Flyers
The marketing campaign will primarily generate leads through interest sparked from our
pamphlet& flyers. Someone will call to receive more information about our service, while
we will be able to give them an estimate over the phone, we would prefer to be able to get
into their home and speak with them. On one hand we would be able to offer them a more
accurate estimate. More importantly however, it provides us an opportunity to impress
them with our company.

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3. Facebook
With the extensive usage of social media, Facebook is a good platform to boost income
and attract users. From the FB page, clients able to see directly what our business is all
about and they can also contact us via the comments or private message. From FB too,
the information is easily spread and good testimonial from satisfied customer will help to
attract new customers as the networking in FB is beyond imagination. We also provide
our FB page link in our flyers.

4. Magnetic Vehicle Sign

We used magnetic vehicle sign to be put on our van. While transporting workers to the
client home, other drivers on the road able to see our van and at the same time trigger
their interest of cleaning service. It is called passive marketing but effective.

Figure 4 Ready Cleaning Service Van

5. Business Card
A business card is essential to make yourself known. In this company, the CEO and the
Operational Manager use business card to be distributed among clients. A business card
is a tool for networking as it is convenience and able to increase awareness to people
about our company and service.

6. Viral Marketing
Through the spread word of mouth from happy customers, we will also be able to increase
more clients because people naturally like to share good things with their friends.

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9.0 Management Team
9.1 Ready Cleaning Service Organizational Chart

General Manager

Admin Manager Operational Manager Marketing/ IT Manager

Admin cum Finance

Site Supervisor/Driver
Clerk

Cleaners

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9.2 Personnel Management

Since it is a startup company, the owner will oversee all the operational with help of few expert
especially in finance and IT. We will be paying our employees a competitive wages, quite a bit
more than minimum wage. This is calculated to attract a much higher caliber employee that is not
looking for temporary employment, but a stable job environment. This is compounded by the fact
that in order to make our training cost effective for us, we need this person to be a part of the
company for an extended period of time, not just a few months until a better job comes along.

In addition to paying an above market wage, we will be offering extensive training. This personal
development will be another attraction for the high caliber employee. The need for the higher
class employee is necessitated because of the upper end clients that we serve. In order to exceed
the customer's expectations of our services, we need to have the right employee that has been
properly trained and feels a sense of empowerment on the job.

As the target location and segmentation are people in Seremban, therefore we would like to hire
a local so it will be convenient to them and closer to their home. We will advertise our job hiring
via the local community place like 7 eleven, the Seremban UTC and also through the newspaper.

9.3 Job Specification

POSITION MAIN TASK & RESPONSIBILITY

General Manager  To plan, implement, and control the overall management of the
business.
 To plan and monitor the strategic process of the business.
 To be accountable for the overall performance of the business.
 Approve the proposal.

Admin Manager
 Update and maintain database with accurate client information.
 Determine staffing requirements.
 Hire and train new staff
 To plan and oversee the accounting functions and financial
resources.
 To calculate the budget of the company.
 To make forecast and accounts for the company.
 Calculate the loss and profit gained.
 Management of staff’s salary payment, bonuses and incentive,
EPF and SOCSO

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  To be responsible for service, inventory, and quality control.
Operation Manager  Make sure the operation of the company is run smoothly.
 Supervising and motivating a team of workers.
 Monitor and assist staff with work progress.

Marketing/IT  Responsible in marketing strategies and campaign.

Manager  Develop and maintain the company website

Site Supervisor  Responsible in supervising the work done by cleaners

/Driver  Responsible with the transportation for the cleaners
 Provide direct and indirect assistance to the Operation
Manager for inventories

Accountant cum  Calculate the company’s financial budget, payroll and taxes.
Admin Clerk  Assist the Admin Manager
 Responsible in maintaining the office

Cleaners  Responsible in cleaning of floors, windows, cabinets, dishes,

laundry, furniture, bedroom, and toilet of the clients
 Responsible to please all the clients and provide good image
of the company.

9.4 Schedule of Remuneration

No RM per Monthly EPF SOCSO Total Annual
of worker (11%) (3%) amount
staff (RM)
General Manager 1 2000 2000 220 600 2820 33840
Admin Manager 1 1500 2000 165 600 2765 33180
Operational Manager 1 1500 1500 165 450 2115 25380
Marketing/IT Manager 1 1500 1600 165 480 2245 26940
Site supervisor/driver 1 1000 1000 110 300 1410 16920
Admin clerk 1 1000 1000 110 300 1410 16920
Cleaner 8 1000 8000 660 2400 11060 132720
Total 14 9500 17100 1595 5130 23825 285900

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10.0 Financial Projection
10.1 Marketing budget

ITEMS Price (RM)

Facebook ads 120
Flyers 4620
Magnetic vehicle sign 400
Website/blog 0
Total 5,140

10.2 Acquisition of Machinery and Equipment

a) List of Office Equipment and furniture

Items Cost/Unit Quantity Total

(RM) (RM)
Computer 2,200.00 3 6,600.00
Chair 100.00 15 1,500.00
Table 150.00 6 900.00
Meeting Table 300.00 1 300.00
Multifunction Laser 950.00 1 950.00
Printer
Stationery 500.00 1 500.00
Air Conditioner 700.00 3 2,100.00
Display Board 100.00 3 300.00
Steel Locker 370.00 2 740.00
Wooden rack 200.00 1 200.00
Telephone line 100.00 1 100.00
Total 14,190

b) List of Cleaning supplies

Items Cost/unit (RM) Quantity Total (RM)

Toilet Bowl Brush and 7 5 35
holder
Cleaning cloths 10 10 100
Window squeegee 4 5 20
Overhead dusting tools 5 5 25
Bowl cleaner 4 5 20
Detergent 70 2 140
Furniture polish for 35 5 175
wood
Portable dryer 200 5 1000
Iron 50 5 250

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 Vacuum 200 5 1000
Garbage plastic bag 6 10 60
Pail 8 5 40
Mop 6 10 60
Broom 5 5 25
Weigh machine 50 5 250
Glove 5 3 15
Window cleaner tablets 5 5 25
Total 3,240

c) Office supplies

Items Price (RM)

Accessories/decoration 950
Business Card 450
Uniform 440
Total 1840

10.3 Operation overhead

ITEMS RM

Water and electricity 1,000.00

Telephone bills 1100.00

Repair and maintenance 3,500.00

Total 5,600.00

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10.4 Balanced Sheet

Year 1 (RM)
ASSET

Current Assets:
Cash 40000
Inventory 3500
Prepaid Expenses 0
Notes Receivable 0
Total Current Assets 43500

Fixed Assets:
Office supplies 1840
Vehicles 55000
Furniture and Fixtures 2700
Equipment 11,490
Building 5400
Intangible asset (software) 300
Total Fixed Assets 74890

Total Assets 118,390

LIABILITY AND EQUITY

Current Liabilities:
Bank loan 50,000
Accounts Payable 8390
Total Current Liabilities 58390

Long-Term Liabilities: 0
Total Long-Term Liabilities 0

Total Liabilities 58390

Capital:
Owner's Equity 60,000
Total Capital 60,000

Total Liabilities and Capital 118,390

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10.5 Sales Forecast
Total household: 77,000
Market penetration assumption: 10%
Revenue = 0.1x 77000 = 7700
10% bungalow = 770 x 450 = 346500
90% Semi D = 6930 x 225 = 1559250
Total revenue: 346500 + 1559250 = RM 1,905,750
COGS assumption: 10% of total revenue

10.6 Income Statement

Year 1 Year 2 Year 3 Year 4 Year 5

(RM) (RM) (RM) (RM) (RM)

Revenue 1,905,750 2001038 2201141 2421255 2784444

(-)Cost of goods sold 173250 181912.5 191008.1 200558.5 210586.5
Gross profit 1,732,500 1819125 2010133 2220697 2573857

(-) Sales and general

administrative
Rent and utilities 12000 12120 12241.2 12363.61 12487.25
Business license 270 270 270 270 270
Business registration 50 50 50 50 50
Depreciation 15200 15200 15200 15200 15200
Advertising 5140 5654 6219.4 6281.59 6344.41
Insurance 4800 4800 4800 4800 4800
Interest 12000 12000 12000 12000 12000
Salary 285900 300195 315204.8 330965 347513.2

Total expense 335360 350289 365985.4 381930.2 398664.9

(Loss)/Profit before tax 1,397,140 1,468,836 1,644,148 1,838,767 2,175,192
Tax expense 279286.3 279286.3 279286.3 279286.3 279286.3
(Loss)/Profit for the financial 1,117,854 1,189,550 1,364,861 1,559,480 1,895,906
year

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11.0 Investment and Return
For this company, we plan to take out loan from local bank amounted of RM 50 000 with 6 %
interest rate.
11.1 Table of loan repayment
Total loan: RM 50,000
Interest rate: 6%
Loan period: 10 years (fixed rate)
Year Principal Interest Annual Principal
payment balance
0 RM 50,000
1 RM 5000 RM 3000 RM 8000 RM 45,000
2 RM 5000 RM 3000 RM 8000 RM 40,000
3 RM 5000 RM 3000 RM 8000 RM 35, 000
4 RM 5000 RM 3000 RM 8000 RM 30, 000
5 RM 5000 RM 3000 RM 8000 RM 25, 000
6 RM 5000 RM 3000 RM 8000 RM 20, 000
7 RM 5000 RM 3000 RM 8000 RM 15, 000
8 RM 5000 RM 3000 RM 8000 RM 10, 000
9 RM 5000 RM 3000 RM 8000 RM 5,000
10 RM 5000 RM 3000 RM 8000 0

25
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