Islamic banking is being introduced in Oman, such that no interest is given on the promissory notes. Compute the present value on the date of issue of a non-interest-bearing, worth $850 000, three-month promissory note dated September 1, 2013 (plus 3 days of grace), if money is worth 12.5% in Oman.
A) $824 311
B) $847 272
C) $877 363
D) $823 490
E) $26 510

Question

Quizplus · Accepted Answer

The Answer of Islamic banking is being introduced in Oman, such that no interest is given on the promissory notes. Compute the present value on the date of issue of a non-interest-bearing, worth $850 000, three-month promissory note dated September 1, 2013 (plus 3 days of grace), if money is worth 12.5% in Oman.
A) $824 311
B) $847 272
C) $877 363
D) $823 490
E) $26 510

Islamic Banking Is Being Introduced in Oman, Such That No