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How much is the interest income on december

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Problem 1: On January 1, 2020, Oust The Turtle Company received a non-interest-bearing note for P400,000. The note is payable in two equal installments, with the first payment to be made on December 31, 2021 and the next payment a year after. The effective rate is 10%. How much is the interest income on December 31, 2020?

Reference no: EM132690896

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