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Question
Does annual interest accrue on a simple loan at the end of the fiscal year or at the end loan year?
AI accountant’s answer:
While I'm a tax expert and not a loan specialist, I can tell you that the interest accrual on a simple loan typically depends on the terms of the loan agreement. Generally, interest accrues periodically over the life of the loan, such as monthly or annually. Whether this accrual is based on the fiscal year or the loan year will also depend on the terms specified in the loan contract. It's essential to review the loan agreement to understand how and when interest will accrue and any tax implications associated with the interest payments.
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