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Find the cash proceeds from the discounted notes

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Problem 1: Determine the cash proceeds from the following discounted notes.

  • 10-month, 12% note for P6,400,00 dated May 1, 2018, discounted on August 1,2018 at the bank at 15%
  • 1-year, 9% note for P1,800,000 discounted at the bank at 12% after holding the note for 5 months
  • 120-day, non-interest bearing note for P800,000 dated May 16, 2018 was discounted at the bank on June 30,2018 at 12%. (Use 360)
  • P700,000 note bearing interest at 9% dated January 1, 2017. The note is payable in two equal installments of P350,000 plus accrued interest on December 31, 2017 and December 31, 2018. The note was discounted on July 1, 2018

Reference no: EM132728362

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