Question: Ahmad has successfully obtained a home financing based on Islamic contract Ijarah Muntahia bi al-Tamlik for $250,000, assuming Ahmad takes 85% margin while the rest

Ahmad has successfully obtained a home financing based on Islamic contract Ijarah Muntahia bi al-Tamlik for $250,000, assuming Ahmad takes 85% margin while the rest is down payment. He obtained the financing at %5 annual profit rate for 15 years. Accordingly, his monthly payment would be?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Continuing Payroll Project: Prevosti Farms and Sugarhouse - EERF (Static) Prevosti Farms and Sugarhouse pays its employees according to their job classification. The following employees make up...

QUESTION 2 Usahamaju Bhd is a public company supplying electrical hardware and services especially in installing broad kind of electrical appliances and equipment.The company had successfully...

Billcutterz.com: Business Model, Strategy, and The Challenges of Exponential Growth Barry Gross, founder and president of BillCutterz.com, celebrated his birthday on January 21, 2014, by inviting...

QUESTION 3 (50 MARKS) a. Ahmad Faliq is a Malaysian and has USD15,000. He will be travelling to the United States in one week's time. As he was browsing through Bank Malaya, he noticed that the bank...

a. Ahmad Faliq is a Malaysian and has USD15,000. He will be travelling to the United States in one week's time. As he was browsing through Bank Malaya, he noticed that the bank is offering bid price...

Ahmad Faliq is a Malaysian and has USD15,000. He will be travelling to the United States in one week's time. As he was browsing through Bank Malaya, he noticed that the bank is offering bid price of...

Argon Ltd hired a law firm, Bounty LLP (Bounty), to act on behalf of Argon Ltd in completing several high-stakes mergers and acquisitions. The agreed fee for doing this work was 2 million. The work...

UK business law QUESTION 8 Argon Ltd hired a law firm, Bounty LLP (Bounty), to act on behalf of Argon Ltd in completing several high-stakes mergers and acquisitions. The agreed fee for doing this...

Problem 11 (5 points) Suppose a computer just boot up, connected to wireless network and successfully obtained IP, gateway and DNS address. Now it wants to access www.yahoo.com from its browser....

CASE STUDY MRS. LEE Background information Mrs. Lee, who is in her late 40s, is a senior manager working for a multi-national corporation with USD 12 billion in global sales. She has a son aged 20...

on Many companies have developed product ideas. Select one: O a. crowdsourcing b. intrapreneurial c. management d. incentive programs that encourage employees to develop new

By listening to a band or orchestra, how can you determine that the speed of sound is the same for all frequencies?

7. Use the counterexample method to prove each of the following arguments invalid. All community colleges with low tuition are either schools with large enrollments or institutions supported by...

Draw a class diagram and its relationship based on the following statements. You can use any UML tool/software to represent your class diagram. Do NOT copy and paste your diagram, use the attachment...