On December 31, 20x3, the carrying value of the loan receivable is approximately
21. On January 1, 20x1, ABC Bank extended a 10%, P1,000,000 loan to XYZ. Principal is due on January 1, 20x4 but interests are due annually every January 1. ABC Bank accrued direct loan origination costs of P12,000 and indirect loan origination costs of P8,000. In addition, ABC Bank charged XYZ a 6-point non-refundable loan origination fee. The effective interest after considering capitalizable cost is 12%. On December 31, 20x3, the carrying value of the loan receivable is approximately
The correct answer is: 982,189
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NOTE: The answer should be the same with the given, I have already asked and they answered 982,144. I need the process that has the answer, P982,189.
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