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What is the interest income

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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%. What is the interest income for 2018?

Reference no: EM133057997

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