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What the current value of the long term loan

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Question - Ocean Fishing Ltd financed a new fishing trawler with a long term loan two years ago. The value of the long term loan in the statement of financial position is recorded as R8 million. The loan carries an interest rate of 13% and the loan matures at the end of the loan period which is 8 years. The interest on the current long term loans is 17.15%. The current tax rate is 30%. The chief executive office wants to know what the current value of the long term loan?

Reference no: EM132924064

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