roblem Solving. A promissory note which is dated January 1, 20A was received from a client for merchandise delivered by the ML Company for P220,000. Its term is 120 days and carries with it an 8% interest. On March 1 20A, due to financial turmoil, ML company immediately have it discounted to a GG Financial Provider even at 13% discount. Compute the amount proceeds if the discounting arrangement is a secured borrowing. Assume 30 days a month. Round off final answer to the nearest peso.
roblem Solving. A promissory note which is dated January 1, 20A was received from a client for merchandise delivered by the ML Company for P220,000. Its term is 120 days and carries with it an 8% interest. On March 1 20A, due to financial turmoil, ML company immediately have it discounted to a GG Financial Provider even at 13% discount. Compute the amount proceeds if the discounting arrangement is a secured borrowing. Assume 30 days a month. Round off final answer to the nearest peso.
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 4MC: A ski company takes out a $400,000 loan from a bank. The bank requires eight equal repayments of the...
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8. Problem Solving. A promissory note which is dated January 1, 20A was received from a client for merchandise delivered by the ML Company for P220,000. Its term is 120 days and carries with it an 8% interest. On March 1 20A, due to financial turmoil, ML company immediately have it discounted to a GG Financial Provider even at 13% discount. Compute the amount proceeds if the discounting arrangement is a secured borrowing. Assume 30 days a month. Round off final answer to the nearest peso.
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