What is the interest income for 2021? Philippine Bank granted a loan to a borrower on January 1, 2021. The interest on the loan is 8% payable annually starting December 31, 2023. Principal amount Origination fee charged against the borrower 3,000,000 100,000 Direct origination cost incurred 260,300 After considering the origination fee charged to the borrower and the direct origination cost incurred, the effective rate on the loan is 6%. a. 240,000 O b. 189,618 O c. 252,824 O d. 180,000
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- What is the carrying amount of the loan receivable on January 1, 2021? Appari Bank granted a loan to a borrower on January 1, 2021. The interest rate on the loan is 10% payable annually starting December 31, 2021. The loan matures in five years on December 31, 2025. Principal amount Origination fee received from borrower Direct origination cost incurred 4,000,000 350,000 61,500 The effective rate on the loan after considering the direct origination cost incurred and origination fe received is 12%. a. 4,000,000 O b. 4,650,000 O c. 4,411,500 O d. 3,711,500For items 1 to 2 China Bank granted a loan to a borrower on January 1, 2023. The interest rate on the loan is 10% payable annually starting December 31, 2023. The loan matures in five years on December 31, 2027. The data related to the loan are: Principal amount Direct loan origination cost Indirect loan origination cost Origination fee received from borrower P4,000,000 104,410 72,880 526,450 Note: Round-off to four decimal places the PV Factors. The effective interest rate of the loan is? (Round off answer to nearest whole number, e.g. 4%)What is the interest income for 2021? National Bank granted a loan to a borrower on January 1, 2021. The interest on the loan is 10% payable annually starting December 31, 2021. The loan matures in three years on December 31, 2023. Principal amount Origination fee charged against the borrower Direct origination cost incurred 4,000,000 342, 100 150,000 After considering the origination fee charged against the borrower and the direct origination cost incurred, the effective rate on the loan is 12%. a. 400,000 O b. 380,900 c. 456,948 O d. 480,000
- How much shall be reported as interest income for 2022? ALVR Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 12% payable annually starting December 31, 2022. The loan matures in three years on December 31, 2024. Pertinent information on the loan is provided below: Principal amount Origination fee received from the borrower Direct origination cost Indirect origination cost incurred After considering the origination fee received from the borrower and the direct origination cost incurred, the effective rate on the loan is 9%. 1,000,000 44,900 120,856 12,000PROBLEM: EB Bank granted a loan to a borrower on January 1, 2019. The interest on the loan is 10% payable annually starting December 31, 2019. The loan matures in three years on December 31, 2021. The principal amount of loan is P3,500,000. In addition, direct origination cost incurred amounted to P70,000, and indirect origination cost incurred, P35,000. Finally, origination fee charged against the borrower amounted to P238,000. a) Compute for the carrying amount of the loan receivable on January 1, 2019. b) The new effective rate after considering the origination fees and costs incurred is 12%. Prepare a table of amortization for the loan receivable. c) Prepare journal entries for 2019 and 2021.National Bank granted a loan to borrower on January 1, 2021. The interest on the loan is 10% payable annually starting December 31, 2021. The loan matures in thee years on December 21, 2023. Principal amount 4,000,000Origination fee charges against the borrower 342,100Direct Origination Cost incurred 150,000 What is the carrying amount of the loan receivable on January 1, 2021? a. 4,000,000b. 3,807,900c. 4,150,000d. 3,657,900
- How much shall be reported as interest income for 2022? ALVR Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 12% payable annually starting December 31, 2022. The loan matures in three years on December 31, 2024. Pertinent information on the loan is provided below: Principal amount Origination fee received from the borrower Direct origination cost Indirect origination cost incurred After considering the origination fee received from the borrower and the direct origination cost incurred, the effective rate on the loan is 9%. 1,000,000 44,900 120,856 12,000 O 90,000 O 96,836 O 120,000 O 129,115 O Answer not givenChris Garcia Bank granted a loan to a borrower on January 1,2021. The interest on the loan is 10% payable annually starting December 31,2021. The loan matures in three years on December 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 150,020 Based on the above data, answer the following: (Round off present value factors to four decimal places) 1. The carrying amount of the loan as of January 1,2021 is a. ₱3,807,920 c. ₱4,192,080 b. ₱4,000,000 d. ₱4,492,120 2. The effective interest rate of the loan is a. 9% c.12% b. 10% d.12.19% 3. The interest income to be recognized in 2021 is a. ₱400,000 c. ₱464,185 b. ₱456,950 d. ₱404,291 4. The carrying amount of the loan as of December 31,2021 is a. ₱3,864,870 c. ₱4,000,000 b. ₱3,872,105 d. ₱4,496,411 5. The current portion of the loan as of December 31,2021 is a. Nil c. ₱63,784 b. ₱56,950 d. ₱400,000On January 1, 2021, a borrower was granted a loan by Qatar Bank. The loan interest is payable annually starting December 31, 2021 at an interest rate of 10%. The loan matures in five years on December 31, 2025. The principal amount of the loan is P4,000,000. The borrower was charged with origination fees in the amount of 350,000. The bank incurred P61,500 origination cost. What is the carrying amount of the loan receivable on December 31, 2021? a. 4,243,120 b. 4,000,000 c. 3,756,880 d.3,600,000
- 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 theCarrying value of the loan as of March 31, 2021?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 April 1, 2020?Chris Garcia Bank granted a loan to a borrower on January 1,2021. The interest on the loan is 10% payable annually starting December 31,2021. The loan matures in three years on December 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 150,020 Based on the above data, answer the following: (Round off present value factors to four decimal places) 1. The carrying amount of the loan as of December 31,2021 is a. ₱3,864,870 c. ₱4,000,000 b. ₱3,872,105 d. ₱4,496,411 2. The current portion of the loan as of December 31,2021 is a. Nil c. ₱63,784 b. ₱56,950 d. ₱400,000