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