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On 1 July 20XB, Nile took out a $10m bank loan Bank interest rates during the remainder of 20X8 were as indows Per annum rates

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On 1 July 20XB, Nile took out a $10m bank loan Bank interest rates during the remainder of 20X8 were as indows Per annum rates 10% 1 July - 30 September 1 October - 31 December What should be the finance charge for the bank loan shown in Nile's financial statements for the year ended 31 December 20X8

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