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Q1. Jacob enters an operating or regular ljara contract with Independent Islamic Bank to rent a machine for his car repair business. The cost of

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Q1. Jacob enters an operating or regular ljara contract with Independent Islamic Bank to rent a machine for his car repair business. The cost of the machine is USD250,000. The rate of profit is 8%. The lease period is 5 years. The total useful life of the machine is 20 years. Calculate the total lease rentals and monthly lease payments for Jacob. (10 marks)

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