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Calculate the amount of interest payable on april

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Reference no: EM133030046

Question - The business obtained a loan of R150 000 from Kind Bank and deposited into the business bank account. The loan is repayable in 3 equal annual instalments. The first instalment is payable on 31 March 2023. Interest is payable monthly at 7% per year beginning on 1 April 2021.

Required - Calculate the amount of interest payable on 1 April to Kind Bank.

Reference no: EM133030046

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