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Calculate the monthly instalments

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Reference no: EM133002232

Abhar approached an Islamic bank and applied for a financing under the concept of Bay Bithaman Ajil (BBA). The purchase price of the house is RM500,000 and the profit rate is 5 percent. The financing period is 25 years and Abhar has to repay for the selling price equitably with regards to the monthly instalments.

i) Calculate the monthly instalments, the selling price and total profit of the bank, given the annuity factor is 0.008988

Reference no: EM133002232

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