Thahir has availed for housing loan alone as his debt, the bank has accepted his application with 28/36 standard rule and provided him with the housing loan of Equal Monthly Installment (EMI) OMR 1400. What will be Thahir's salary?

Thahir has availed for housing loan alone as his debt, the bank has accepted his application with 28/36 standard rule and provided him with the housing loan of Equal Monthly Installment (EMI) OMR 1400. What will be Thahir's salary?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Related questions

Q: How much should she request from a lender whose discount rate is 9%.

A: Simple interest method is a method of computing interest on borrowed amount where interest is…

Q: Melissa wants to check the accuracy of the finance charge on her promissory note. She has a $6,000,…

A: Given information,Amount: Number of years: YearsAnnual rate: To calculate,Monthly payment

Q: Ram had borrowed certain sum of Rs.1,20,000/- from Shyam for which he had executed some documents.…

A: Promissory Note - A promissory note is a debt instrument, Which contain a written promise to pay to…

Q: You are a mortgage broker at Interamerican Bank. One of your clients, Bill Cramer, has submitted an…

A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: 2. Ms. Bayer comes to your bank, Bank of America (BOA), to ask for advice on a planned house…

A: Since you have posted multiple questions, we will provide the solution only to the first question as…

Q: The Ability-to-Repay Rule, adopted by the Consumer Financial Protection Bureau in compliance with…

A: Let us calculate the monthly payment that the borrower will have to pay monthly. Given, Loan amount…

Q: Bea Fehr requires a personal loan to purchase appliances that cost S5000. She meets with the loan…

A: Cost of Equipment is $5,000 Time period of loan is 3 years Interest rate of Institution- A is 934%…

Q: Instead of paying rent each month, people who own their homes generally must pay a monthly [

A: The monthly payment is the amount that has to be paid every month until the loan amortized which…

Q: I am receiving a monthly compensation in the amount of Php 65k. From my paycheck, ABC Inc., Deducted…

A: Disclaimer: Hence it is a multipart question, we can give only answer to the first three part, if…

Q: The bank requires that the Dotkoms pay their homeowner's insurance, property taxes, and mortgage in…

A: The term mortgage refers to the loan taken from bank against which bank against some collateral…

Q: Inno earns P^(180000).00 a year. If he spends (1)/(5) for food, (1)/(8) for rent, (1)/(10) for…

A: As per our guidelines, we are supposed to answer only 3 sub-parts (if there are multiple sub-parts…

Q: Henry takes out a $650 discounted loan with a simple interest rate of 12% for a period of 7 months.…

A: A discounted loan is a loan where the borrower has to pay the face value at maturity and receives…

Q: X and Y own a home recently appraised for $317,400. The balance on their existing mortgage is…

A: Appraised value = $317,400Existing mortgage value = $214,074Bank Rate = 70%

Q: Michael has a credit card debt of $70,000 that has a14% APR, compounded monthly. The minimum…

A: Part 2: Explanation:Step 1: Calculate the monthly payment $ P $ for the old credit card with a 14%…

Q: John is deciding between a loan charged at 5% bank discount, and one charged at 6% simple interest.…

A: 1. Present value of discount option Par value of loan = P 1000 Discount rate = 5%…

Q: You are a first-time homeowner and know you will only prequalify for an FHA loan. Your monthly gross…

A: Recurring debt refers to a type of financial obligation that occurs regularly and requires periodic…

Q: Jacque's total monthly loan payments are 1020 while her gross income is 3939 per month. What is her…

A: The debt service ratio is the ratio that depicts a companies ability to repay its short-term debt…

Q: (a) An online lending company has offered him a 10-year small business loan at an annual interest…

A: (a) Calculate monthly payment for OLC as below: Resultant table: Hence, monthly payment for OLC…

Q: To go on a summer trip, Keith borrows $600. He makes no payments until the end of 2 years, when he…

A: When we talk about simple interest rates, we're talking about a straightforward technique of…

Q: A person agreed with a bank to deposit an amount of 500 dinars at the end of each year starting from…

A: The compound value of money can be depicted as the amount of interest generated on interest earned…

Q: Leon's 6-month premium for auto insurance is $754.34, if he pays it all at once. If he decides that…

A: In order to make the decision regarding the payment of insurance premium to be paid minimum, we are…

Q: Dave borrowed $1,300 on January 1, 2022. The bank charged him a $5.00 service charge, and interest…

A: When a borrower takes out a loan from a lender, they are required to pay interest on the borrowed…

Q: THINKING SECTION 14. Ella and Sam have a net income of $43 000 a year. Their expenses include…

A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…

Q: A pensioner borrowed P 10000 and promised to pay the amount of P8200 from the lender after it was co…

A: Discount on the borrowed is related to interest rate on the borrowing amount but normally more than…

Q: Joel borrowed $2776.55 on November 2, 2021 at 4.5% p.a. How many days would it take for him to…

A: A loan refers to a contract between two parties where money is forwarded to one party by the other…

Q: Kyle received a loan of $8,000 at 4.32% compounded semi-annually from a credit union to use as…

A: Loan:A loan is an amount of money given by one party typically a financial institution to another…

Q: Evaluating debt burden. Ted Phillips has a monthly take-home pay of $1,685; he makes payments of…

A: Debt-burden is the cost of serving debt. It is the cost of interest payment of credit cards,…

Q: Carlos earns a gross income of $5,680 per month and applies for a mortgage with a monthly PITI of…

A: Housing expense ratio = Monthly mortgage payments (PITI)/Gross monthly income Total obligation…

Q: Mr Ahmed works as a Finance officer in a company named Ultimate Solutions private limited. He…

A: Inputs: Monthly Salary = 86,000 Monthly Rental income = 15,000 from each flat Number of flats = 2

Q: Mr. Whitaker works for Dawn Industries. His family is covered by one health insurance policy. He…

Q: Zach Taylor is settling a $20,000 loan due today by making 6 equal annual payments of $4,727.53.…

A: Given values: Equal annual payments = $ 4727.53 Settling loan amount = $ 20000

Q: how much money is requested from the bank if the simple interest rate is 9.766% a. 36,857.114 b.…

A: Simple interest refers to the amount paid by the borrower to bank on the amount borrowed at a fixed…

Q: A pensioner borrowed P 10000 and promi eceives the amount of P8200 from the len ind the rate of…

A: The borrowed amount are issued at the discount to the face value of the borrowing and this is…

Q: ending ratio guidelines are as given in the table below. Lending Ratio Guidelines Mortgage Type…

A: Given: Carlos earns a gross income of $5,690 per month and applies for a mortgage with a monthly…

Q: The Ability-to-Repay Rule, adopted by the Consumer Financial Protection Bureau in compliance with…

A: Let us calculate the monthly payment that the borrower will have to pay monthly. Given, Loan amount…

Q: Sara borrows 35,000 at 12% for 9 months on a discounted loan. A. How much is the interest on the…

A: In a discounted loan, the borrower does not make any interest payments. He receives the loan at a…

Q: Amiel paid P1,400 interest for his loan from a cooperative that charges simple interest rate of 3.5%…

A: The loan is the amount of money lent by the borrower for fulfilling urgent financial needs. Simple…

Q: $2,500 per month. She has the following monthly debt payment expenses: $75 for credit cards, $125…

A: FHA provides the guidelines for the how much should be monthly income and housing expenses should…

Q: Manuel has a $300,000 loan to be paid back with 5.329% interest over 30 years. What are Manuel's…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Wants to loan from a certain bank. He asks you for a piece of advice for him to save from the loan.…

A: To analyse the given options, we shall compare the effective interest rate which can be calculated…

Q: Aman has two debts to pay. A $850 due today and a $950 due in 9 months from today. Instead, he wants…

A: Present Value(PV) is value of a future amount at current point of time. It is done by discounting…

Q: Sam is single, has just turned 30 years of age, and would like to retire comfortably on his 80th…

A: According to the Superannuation Guarantee, the words "superannuation" and "retirement" refer to…

Q: Mr. Jones borrows P2,000 for 90 days and pays P35 interest. What is his effective rate of interest?

A: Simple Interest is the method in which we calculate the interest on a specific principal amount at a…

Q: 12. Ted has an adjusted gross income of $120,006. He wants a house with a monthly mortgage payment…

A: The formula of Front-end & Back-end Ratio: Back-end Ratio: Front-end Ratio:

Q: Assume that time today is Dec. 13, 2022. Determine what is being asked in each problem. 1. Coco…

A: Amortization schedule refers to the amount including the principal and interest payments made for…

Q: How much can you deduct for AGI for the following scenarios? Provide an explanati for possible…

A: Adjusted Gross Income (AGI) is defined as gross income less income adjustments. Wages, dividends,…

Question

Thahir has availed for housing loan alone as
his debt, the bank has accepted his
application with 28/36 standard rule and
provided him with the housing loan of Equal
Monthly Installment (EMI) OMR 1400. What
will be Thahir's salary?
Select one:
a. 392 OMR
O b. 532 OMR
c. 5000 OMR
d. 3889 OMR
O e. None

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.

Similar questions

Asad borrowed Rs 10,000/- from Saad with a credit period of three months. Saad didn't demand for any extra benefits in return but after three months Asad repaid him with an additional amount of Rs 500/- i-e, the total repayment was Rs 10,500/-. Is this extra amount of Rs. 500 Riba?
I need help with 18, 19, 21, 22, or 23. I’m not sure on any of them. They are true or false. Help on any one is fine
The rent is $1200 per month. The landlord requires first and last month’s rent, security deposit equal to one half of a month rent, and a credit application fee of $20. How much must the renter pay before he moves in?
Correct answer needed with step by step explanation.
Engr. Tongol borrowed money from a loan shark. He receives from the loan shark an amount of P 134,200 and promise to repay P 150,000 at the end of 1 year and 9 months. What is the simple interest rate?
19. Stacy makes monthly payments of $450 to pay off her student loan. Due to unem- ployment, she defaulted on her last two payments. If she wants to get out of arrears, what amount should she pay for her next payment? Assume the defaulted payments are compounded monthly at a rate of 4%. 20 Cetro0 1.61500
Tom and Jerry both took out loans for $600.00 on 2011-01-14. Both loans mature on 2011-07-11 and have the same simple interest rate i. But Tom's loan uses the daycount convention ACT/360, and Jerry's loan uses the daycount ACT/365. True or false: Jerry will pay less to settle the loan than Tom. Answer with explanation please.
mitchell has been given the option of either paying his $400 bill now or settling it for $408 after 1 month. if he chooses to pay after 1 month find the simple interest rate at which he would be charged
A loan applicant inquires about refinancing his primary residence. He reports receiving a competitor's quote of a 4.50% interest rate with no points. The mortgage loan originator (MLO) discovers that the best interest rate available at this time is 4.75% with no points. To get the applicant a 4.50% Interest rate, the applicant needs to pay a 1.00% discount point. Which of the following interest rates is the MLO permitted to offer to the applicant? AO A 4.00% interest rate with a 0.50% discount point A 4.25% interest rate with no points CO A 4.50% interest rate with no points A 4.50% interest rate with a 1.00% discount point
Kevin Mills has a monthly take-home pay of $3,315; he makes payments of $430 a month on his outstanding consumer credit (excluding the mortgage on his home). How would you characterize Kevin's debt burden? Assume that the debt safety ratio below 10% is considered low, below 15% - manageable, and the maximum acceptable debt safety ratio is 20%.
Eugene is offered a 5% discount for immediate payment of a bill which is due in 90 days. What is the largest simple interest rate at which he could afford to borrow in order to pay cash?
Do i and ii.

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS