Luis was granted a loan of P 20,000 by his employer CPM Industrial Fabricator and Construction Corporation with an interest of 6% for 180 days on the principal collected in advance. The corporation would accept a promissory note for P 20,000 non-interest for 180 days. If discounted at once, find the proceeds of the note.

Luis was granted a loan of P 20,000 by his employer CPM Industrial Fabricator and Construction Corporation with an interest of 6% for 180 days on the principal collected in advance. The corporation would accept a promissory note for P 20,000 non-interest for 180 days. If discounted at once, find the proceeds of the note.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 21CE

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