Short answer question #$1$

Assume that the financial year runs from January $1^{st},2023$ to December ${31}^{st},2023$

The company has one non$-$current liability which is the only liability on which interest is charged. This is a $25$ year mortgage over its real assets $-$ land and buildings $-$ with the Tolkien Building Society. The principal amount of the mortgage is $$10$ million and the applicable interest rate is $6\%$ per annum. Assume that simple interest $($no compounding$)$ was used. Any interest expense amount accruing on this mortgage for the current year has already been correctly accrued and accounted for.

An analysis of the company's bank statements for its mortgage account revealed the following:

$\backslash$table$[[$Interest Paid,$25\mathrm{.}09\mathrm{.}22$