Calculate the interest benefit based on quarters

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Reference no: EM133389189

Case Study: GBC co. provided Mr. A with a loan of $110,000 at interest rate of 0.84%. The funds were provided on July 1, 2022. Mr. A paid all of the interest required in 2022 and will begin making principal payments in mid-2023.

Question: The prescribed rates set by the CRA for 2022 equaled 2% for Q1&Q2 and 1% for Q3&Q4. Calculate the interest benefit based on quarters, do not use the number of days. Round to the nearest dollar amount.

Reference no: EM133389189

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