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Jacob enters an operating or regular Ijara Contract with independent Islamic Bank to rent a machine for his car repair business. The cost of the

Jacob enters an operating or regular Ijara Contract with independent Islamic Bank to rent a machine for his car repair business. The cost of the machine is USD250,000. Th rate of profit is 8 %. The lease period is 5 years.

Required:

1. Determine the Total Lease Rental (5 marks)

2.Monthly Lease Rental (3 Marks)

3.Amount of profit.(2 Marks)

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