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Find what is the carrying value of the loan as of march

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Problem 1: M&M Bank granted a loan to a borrower on April 1, 2020. The interest on the loan is 10% payable annually starting March 31 2021. The loan matures in three years on March 31, 2023. Data related to the loan are:Principal amount - ? 4,000,000; Origination fees charged against the borrower - ? 342,100; Direct origination cost incurred - ? 150,000. After considering the origination fees charged against the borrower and the direct origination cost incurred, the effective rate on the loan is 12%. What is the Carrying value of the loan as of March 31, 2021?

Reference no: EM132832783

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