An application was presented by a client to Meezan Bank seeking consent for the purchase of the laptops. In his request, he stated that the laptops have been bought from Hewlett Packard. He enclosed along with his request an invoice relevant to those goods, indicating that he was indebted to that (client) and he requested the bank to pay value of such laptops. The above mentioned client has demanded the bank settle the attached invoice amount and that he has undertaken to pay an amount exceeding the invoice amount. He has also undertaken to pay 20% of the buying price and he requested that the balance price amount to be paid in installments spread over 6 months. a) Is this transaction permissible? Please support your answer with arguments b) Suggest a solution for the above

An application was presented by a client to Meezan Bank seeking consent for the purchase of the laptops. In his request, he stated that the laptops have been bought from Hewlett Packard. He enclosed along with his request an invoice relevant to those goods, indicating that he was indebted to that (client) and he requested the bank to pay value of such laptops. The above mentioned client has demanded the bank settle the attached invoice amount and that he has undertaken to pay an amount exceeding the invoice amount. He has also undertaken to pay 20% of the buying price and he requested that the balance price amount to be paid in installments spread over 6 months. a) Is this transaction permissible? Please support your answer with arguments b) Suggest a solution for the above

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

James has been working as a Mechanical Engineer ever since he graduated five years ago. Two years ago, he bought and financed a new $25,000 Jeep Compass and still owes $15,750 on his car loan. He has never been late with a car payment. James has one major credit card, with a $1,000 limit. He has had it since his senior year of college and was two months late with a payment one time during that first year. He is currently carrying a balance of $600 on this card. In the last year, James applied for six store credit cards at places that he shops a lot so that he can earn points and get discounts. He carries no balances Part 1: Calculate James’ credit score. Recalculate his credit score if he had not opened the six store credit cards. Part 2: James is tired of paying rent and would like to purchase a condo so that he can start building equity in his home. He is looking for a 30-year mortgage to purchase a $240,000 condo. What interest rate does James qualify for on a mortgage with his…
A negative cash balance requires an increase in payments and decrease in cash receipts. True or False True False
Suppose you win a raffle held at a neighborhood elementary school fundraiser and are given the choice between two different ways to be paid. You can either accept the money in a lump sum immediately or in a series of payments over time. If you choose the lump sum payout, you receive $2,950 today. If you choose to collect payments over time, you receive three payments: $1,000 today, $1,000 1 year from today, and $1,000 2 years from today. At an interest rate of 10% per year, the winner would be better off accepting the present value. At an interest rate of 12% per year, the winner would be better off accepting lump sum The lump sum is always better. The payments over time are always better. It will depend on the interest rate; advise her to get a calculator. O None of these answers is good advice. payments over time 7 since that choice has the greater since it has the greater present value. A couple years after you win the raffle, you and your friend are back at the same event. This…
Kevin invested part of his $5000 bonus in a certificate of deposit (CD) that paid 2% annual simple interest, and the remainder in a mutual fund that paid 4% annual simple interest. If his total interest for that year was $140.00, how much did Kevin invest in the mutual fund? Group of answer choices Kevin invested $4986.00 in the mutal fund. Kevin invested $4846.00 in the mutal fund. Kevin invested $2000.00 in the mutal fund. Kevin invested $2140.00 in the mutal fund.
Chelsea has to pay a series of uniform annual payments over a fixed period of time to repay a loan that would amount to $1,000,000. If Chelsea has to pay $30,000 per year for a rate of 6%, how long should she pay these uniform payments in order to repay her loan? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Loan servicing includes a number of responsibilities such as collecting monthly mortgage payments from the borrower, remitting principal and interest payments to investors, ensuring sufficient escrow payments are being made by the borrower, and managing default if it should arise. In exchange for these services, mortgage bankers receive a fee. If the outstanding loan balance is $250,000 and the annual servicing fee is 0.35%, what is the monthly fee for servicing the loan? Please explain your calculation A) $72.92 B) $729.17 C) $875.00 D) $8,750.00
to be valid, a trust must have a trustor, a trustee, at least one beneficiary, and a lawful trust purpose, True or False?
You applied for a business loan of $20,000 for expansion purposes of your company. The bank set the terms of annual payments to start at year 3 to 15 with an annual interest rate of 8%. What should be the uniform annual payment to pay for this loan?
Exhibit 1-A Future value (compounded sum) of $1 after a given number of time periods Period 5% 1.050 1% 1.010 1.020 1.030 2% 1.020 1.040 1.061 4% 1.040 6% 1.060 1.124 3% 7% 8% 9% 10% 11% 1.030 1.061 1.093 1.126 1.159 1.090 1.188 1.295 1.412 1.539 1.677 1.828 1.080 1.166 1 1.070 1.100 1.110 1.145 1.210 1.331 1.232 1.368 1.082 1.103 1.158 1.216 1.276 3 1.125 1.191 1.225 1.260 1.170 1.217 1.262 1.338 1.041 1.082 1.311 1.360 1.464 1.518 1.051 1.403 1.104 1.126 1.149 1.469 1.611 1.772 1.949 1.685 1.870 2.076 2.305 2.558 6. 1.062 1.194 1.265 1.340 1.419 1.501 1.587 1.072 1.230 1.316 1.407 1.504 1.606 1.714 8 1.083 1.172 1.267 1.369 1.477 1.594 1.718 1.851 1.993 2.144 1.094 1.105 1.116 1.195 1.219 1.243 2.172 2.367 2.580 2.813 3.066 3.342 3.642 3.970 4.328 4.717 5.142 5.604 8.623 2.358 2.594 2.853 3.138 3.452 1.305 1.423 1.551 1.689 1.838 1.999 1.344 1.629 1.710 10 1.480 1.791 1.967 2.159 2.839 11 1.539 2.105 2.332 2.518 2.720 2.937 3.172 3.426 3.700 3.996 4.316 1.384 1.898 3.152 12 1.127…
I want handwritten only once again handwritten otherwise skip
What is the future worth of the following series of payments? a) $30,000 at the end of each six-month period for five years at 8% compounded semiannually. b) $50,000 at the end of each quarter for 10 years at 6% compounded quarterly. c) $13,000 at the end of each month for six years at 9% compounded monthly.
see second image for matching options. Match definition in first image with word in second image.