question archive On July 1, Jess's employer provided her with a $100,000 loan to assist her with the purchase of a home
On July 1, Jess's employer provided her with a $100,000 loan to assist her with the purchase of a home
Subject:LawPrice: Bought3
On July 1, Jess's employer provided her with a $100,000 loan to assist her with the purchase of a home. She does not have to pay any interest on the loan but she does have to start paying the loan principal next year. The CRA prescribed rates were as follows during the year:
January 1 to March 31 1.50%
April 1 to June 30 1.75%
July 1 to September 30 1.50%
October 1 to December 31 2.00%
(use number of days to determine the imputed interest benefit and round to the nearest whole number
Calculate the employer loan principal amount and the employer loan imputed interest
