CIMA F2 Practice Questions - CIMA Management Level F2 Advanced Financial Reporting Exam

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A bond is issued for net proceeds of $94,000 (nominal $100,000), pays a 4% coupon annually and has an effective interest rate of 7%. What is the finance cost charged to profit or loss in year 1?

$$4,700 $$4,000 $$6,580 $$7,000

Correct Answer:

$$6,580

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