Promote norwegian culture in south america

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To promote Norwegian culture in South America, a record company that specializes in old dance has received a subsidized loan from the state.

The size of the loan is NOK 772,173.49. The loan is an annuity loan that must be repaid over 10 years. Interest and installments are paid at the end of each year. The interest rate on the loan is 5% p.a. The interest rate on similar loans with a bank is 8% p.a. The record company is not in a tax position. What is the value of the subsidy?

Reference no: EM133001076

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