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How much is the interest income for the year

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Problem - ABC Company has a note that bears 8% interest and is to be repaid in 3 equal annual installments of 250,000 every December 31 plus interest on outstanding balance. The first payment is due on December 31, 2019 and the prevailing interest rate for note of this type is 12%. How much is the interest income for the year 2020 that shall be presented on the Statement of Comprehensive Income?

Reference no: EM132934980

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