FDN Trading received the following promissory notes from various customers during 2020 in the course of selling its merchandise: Six-month 12% note for P59,000 90-day 10% note for P32,000 One-year 20% note for P111,000 All these notes were collected at their maturity dates during the year. How much is total interest income to be recorded by FDN Trading during 2020?

FDN Trading received the following promissory notes from various customers during 2020 in the course of selling its merchandise: Six-month 12% note for P59,000 90-day 10% note for P32,000 One-year 20% note for P111,000 All these notes were collected at their maturity dates during the year. How much is total interest income to be recorded by FDN Trading during 2020?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 26E

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