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Determine the interest expense

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Problem 1: Included in N Company's liability account balances at December 31, 20x6 was a Note payable for 2,800,000. The principal amount of the note payable is P2,800,000 and bears interest at 15%. The note is dated April 1, 20x6 and is payable in four equal installments of P700,000 beginning April 1, 20x7. The first principal and interest payment was made on April 1, 20x7. Determine the interest expense for 20x7.

Reference no: EM132804568

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