Solution: Find the proceeds of the promissory note of Agnes Abanilla

(Last Updated On: December 8, 2017)

Find the proceeds of the promissory note of Agnes Abanilla

Problem Statement: ME Board April 1993

Agnes Abanilla was granted a loan of P20,000 by her 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 P20,000 non-interest for 180 days. If discounted at once, find the proceeds of the note.

  • A. P18,600
  • B. P18,800
  • C. P19,000
  • D. P19,200

Problem Answer:

The proceeds of the promissory note of Agnes Abanilla is P18,800.

Solution:

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Solution: Find the proceeds of the promissory note of Agnes Abanilla
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