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What is carrying amount of the loan receivable on January

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Question - Appari Bank granted a loan to a borrower on January 1, 2018. The interest rate on the loan is 10% payable annually starting December 31, 2018. The loan matures in five years on December 31, 2022.

Principal amount - 4,000,000

Origination fee received from borrower - 350,000

Direct origination cost incurred - 61,500

The effective rate on the loan after considering the direct origination cost incurred and origination fee received is 12%.

Required - What is the carrying amount of the loan receivable on January 1, 2018?

Reference no: EM133055274

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