4. A note having a face value of P9,300 was discounted at 11%. If the proceeds were 8,788.50. Find the term of the loan in months.

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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4. A note having a face value of P9,300 was discounted at 11%. If the proceeds were 8,788.50. Find the term of the loan in months.
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