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Encik Baharom applied for an Islamic Overdraft facility of RM75,000 from Perasang Jaya Bank Berhad. The facility was secured against a property worth RM150,000. His

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Encik Baharom applied for an Islamic Overdraft facility of RM75,000 from Perasang Jaya Bank Berhad. The facility was secured against a property worth RM150,000. His approved drawing limit was 87% of the property value. The tenor of the overdraft facility was 5 years upon which Encik Baharom has to settle the principal sum in one bullet payment. The contractual profit was 1 1.50% per annum. The effective profit rates were as indicated below. The monthly transactions of the current account were as follows No of Days Uzedebit (RM) Balance Outstandi Credit (RM) 56,989 12/10/2016-20/10/2016 11983 878 02/10/2016- 11/10/2016 3,999 21/10/2016 24/10/2016 25/10/2016-27/10/2016 28/10/2016-31/10/2016 135,909 ote: Profit rate from 01 / 10/201 6-1 5/12/201 6-985% p.a Profit rate from 1 6/12/201 631/12/20 16-1 0.25% pa Required Compute the following based on the account balance as at end of October 2016 (i) Monthly profit (ii) Monthly rebate (5 marks) (10marks) (Total: 15 marks)

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