Answered: 2. A loan of P2,000 is made for a…

2. A loan of P2,000 is made for a period of 13 months. from January 1 to-lanuary 31 the following year. at a simple interest rate of 20%. What future amount 1s due at the end of the loan period?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 15MC: Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual...

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Question

2. A loan of P2,000 is made for a period of 13 months. from
January 1 to-lanuary 31 the following year. at a simple interest rate
of 20%. What future amount 1s due at the end of the loan period?

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