This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Islamic banking is being introduced in Oman, such that no interest is given on the promissory notes. ... (Read 83 times)

EAugust

  • Hero Member
  • *****
  • Posts: 550
on: Jun 6, 2019

Question 1

CIBC approved a $10 000 personal line of credit on a demand basis to Tara, who takes an advance of $2240 on 1st of every month to settle her monthly budget. She settles her loan when she receives her pay on 15th of every month. Interest at the rate of prime (3%) plus 2.75% is charged to the account at the bank on the 15th of each month. What is Tara's payment each month to settle the loan?
◦ $2263.63
◦ $2245.29
◦ $5.29
◦ $2368.80
◦ $2240

Question 2

Islamic banking is being introduced in Oman, such that no interest is given on the promissory notes. Compute the present value on the date of issue of a non-interest-bearing, worth $850 000, three-month promissory note dated September 1, 2013 (plus 3 days of grace), if money is worth 12.5% in Oman.
◦ $877 363
◦ $847 272
◦ $823 490
◦ $26 510
◦ $824 311
Contemporary Business Mathematics with Canadian Applications ¦ Hummelbrunner, Halliday, Coombs ¦ 11th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by EAugust on Jun 6, 2019

gstein359

  • Sr. Member
  • ****
  • Posts: 293
Reply #1 on: Jun 6, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 56% of students answer this correctly


EAugust

  • Hero Member
  • *****
  • Posts: 550
Reply #2 on: Jun 6, 2019
Thank you!


gstein359

  • Sr. Member
  • ****
  • Posts: 293
Reply #3 on: Jun 6, 2019
Always glad to help...


« previous next »
 

Did you know?

Methicillin-resistant Staphylococcus aureus or MRSA was discovered in 1961 in the United Kingdom. It if often referred to as a superbug. MRSA infections cause more deaths in the United States every year than AIDS.

Methicilli ...
Did you know?

Chronic necrotizing aspergillosis has a slowly progressive process that, unlike invasive aspergillosis, does not spread to other organ systems or the blood vessels. It most often affects middle-aged and elderly individuals, spreading to surrounding tissue in the lungs. The disease often does not respond to conventionally successful treatments, and requires individualized therapies in order to keep it from becoming life-threatening.

Did you know?

In inpatient settings, adverse drug events account for an estimated one in three of all hospital adverse events. They affect approximately 2 million hospital stays every year, and prolong hospital stays by between one and five days.

Did you know?

In 1864, the first barbiturate (barbituric acid) was synthesized.

Did you know?

Computer programs are available that crosscheck a new drug's possible trade name with all other trade names currently available. These programs detect dangerous similarities between names and alert the manufacturer of the drug.

Relationship between fruit radius and beak length in populations of native and introduced species of Relationship between fruit radius and beak length in populations of native and introduced species of
Introduced alpine marmots in the Pyrenees Introduced alpine marmots in the Pyrenees
Pakistan is transporting a goat to be sacrificed to celebrate the Islamic festival of Eid al-Adha. Pakistan is transporting a goat to be sacrificed to celebrate the Islamic festival of Eid al-Adha.
What principal will earn $77.14 interest at 6.65% p. What principal will earn $77.14 interest at 6.65% p.
A non-interest-bearing five-year note for $54600.00 issued May 1, 2015, is discounted April 1, ... A non-interest-bearing five-year note for $54600.00 issued May 1, 2015, is discounted April 1, ...
A non-interest-bearing five-year note for $54600.00 issued May 1, 2015, is discounted April 1, ... A non-interest-bearing five-year note for $54600.00 issued May 1, 2015, is discounted April 1, ...
Video: Introduction to Sleep Apnea

For a complete list of videos, visit our video library