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Calculating the percentage of loan interest

AASikka9y ago
I am stuck here. The question has this information In the Trial Balance as at 30/06/x7 I have the loan amount of 10,000 and Loan interest paid of 300. In the additional information it says Loan taken out on 1/7/x6 The solution page gives the following Charge for the year 10,000x6% = 600 Amount paid as per trial balance = 300 Accrual required = 300 Hence finance costs have been considered as 600 and interest accrual as 300 I don't understand how the 6% is calculated??
John MoffatJohn MoffatTutor9y ago#1
There must be more information in the question other than what you have typed (either the rate of interest, or details of when interest is paid on the loan).
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