Faysal wants to expand his business and needs an amount of OMR 3,000. He approached Sohar Bank for the same amount. What amount of interest will he repay if he takes the required amount at 7% finance charge for 3 years compounded half yearly? a. OMR 3,687.765 b. OMR 630 c. OMR 3,000 d. OMR 687.765

Faysal wants to expand his business and needs an amount of OMR 3,000. He approached Sohar Bank for the same amount. What amount of interest will he repay if he takes the required amount at 7% finance charge for 3 years compounded half yearly? a. OMR 3,687.765 b. OMR 630 c. OMR 3,000 d. OMR 687.765

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 5CE

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Question

Faysal wants to expand his business and needs
an amount of OMR 3,000. He approached Sohar
Bank for the same amount. What amount of
interest will he repay if he takes the required
amount at 7% finance charge for 3 years
compounded half yearly?
a. ÖMR 3,687.765
b. OMR 630
c. OMR 3,000
d. OMR 687.765

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