Homework Answers
Total amount payable at the time of redemption = $656,000 X 1.03 = $675,680
Unamortized interest = ($656,000 - $618,000) - [($656,000 - $618,000) X 2/10] = $30,400
Loss = $675,680 + $30,400 - $656,000 = $50,080
1st option
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