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Fitness Always, a private company, which has a year end of 31 Dec, has taken a fixed loan of $15 million on 15 March 2009, at an interest rate of 5%.
State the interest charge you would expect to see in the client’s SOCI.My question is, do we calculate 10 months of interest or 9.5 months of interest?
can we calculate the interest in days? Thanks so muchI would calculate it as $15 million x 5% x 9.5/12.
In F8 they would not expect you to count up the days.
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