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Find for the interest income for MNO Bank

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Reference no: EM132792765

Problem 1: Compute for the interest income for 2020.

MNO Bank granted a loan to a borrower on January 1, 2020. The interest on the loan is 10% payable annually starting December 31, 2020. The loan matures in three years on December 31, 2022. Additional information is as follows: Principal amount of 5,000,000; Direct origination cost incurred for 100,000; Indirect origination cost incurred for 50,000 and Origination fee received from the borrower was 340,000. After considering the origination fee received from the borrower and the direct origination cost incurred, the effective rate on the loan is 12%.

Reference no: EM132792765

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