Hasanian is intended to buy a house having price of $600000. He approaches to Islamic bank to buy a house and therefore paid 20% as a down payment i.e. $120000 while the remaining 80% i.e. $480,000 provided by Islamic bank. Under the agreement 20% of house belonging to Hasanian while remaining 80% to Islamic bank. As per the market, fair rental for the same type of house is $4000 per month. Therefore, Hasanian pays $3200 as rent for the 80% share of Islamic bank at the beginning of the agreement. Islamic bank has provided this financing for 30 years. Taking into consideration rental value of the house and the time duration of the financing, Islamic bank has asked Hasanian to pay fixed monthly payments which consist each month rent for using the bank share of house and equal monthly payment to buy bank’s portion of the house. Using the above information you are required to make a monthly payment excel spreadsheet.
Hasanian is intended to buy a house having price of $600000. He approaches to Islamic bank to buy a house and therefore paid 20% as a down payment i.e. $120000 while the remaining 80% i.e. $480,000 provided by Islamic bank. Under the agreement 20% of house belonging to Hasanian while remaining 80% to Islamic bank. As per the market, fair rental for the same type of house is $4000 per month. Therefore, Hasanian pays $3200 as rent for the 80% share of Islamic bank at the beginning of the agreement. Islamic bank has provided this financing for 30 years. Taking into consideration rental value of the house and the time duration of the financing, Islamic bank has asked Hasanian to pay fixed monthly payments which consist each month rent for using the bank share of house and equal monthly payment to buy bank’s portion of the house. Using the above information you are required to make a monthly payment excel spreadsheet.
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