Based on the inforamtion below calculate the Selling Price and Total profit. Mr Naeem approaches different...

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Based on the inforamtion below calculate the Selling Price and Total profit. Mr Naeem approaches different Islamic banks to apply for financing under the concept of Murabha. He wants to buy a Cooling system for his factory. He cannot make the cash payment to buy the cooling system. Let us say that the purchase price for the machine is 27000 BHD. Bank A offers financing at the profit rate the bank wants to charge is 5 %. The period of financing is 6 months. Naeem is willing to make a lump sum payment upon expiry of 6 months. Bank B offers financing at the profit rate the bank wants to charge is 9 %. The period of financing is 3 months. Naeem is willing to make a lump sum payment upon expiry of 3 months. compare the selling price and total profit for both banks where should Mr Naeem finance his cooling machine breifly comment? Based on the inforamtion below calculate the Selling Price and Total profit. Mr Naeem approaches different Islamic banks to apply for financing under the concept of Murabha. He wants to buy a Cooling system for his factory. He cannot make the cash payment to buy the cooling system. Let us say that the purchase price for the machine is 27000 BHD. Bank A offers financing at the profit rate the bank wants to charge is 5 %. The period of financing is 6 months. Naeem is willing to make a lump sum payment upon expiry of 6 months. Bank B offers financing at the profit rate the bank wants to charge is 9 %. The period of financing is 3 months. Naeem is willing to make a lump sum payment upon expiry of 3 months. compare the selling price and total profit for both banks where should Mr Naeem finance his cooling machine breifly comment?

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To calculate the selling price and total profit for both Bank A and Bank B using the Murabha financi... View the full answer