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What is the loss from the discounting transaction

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Question - Receivable Financing - Alpha Corporation received a note dated April 1, 2019 from a customer. It had a P1,600,000 face value, an 8% interest rate and a six-month term. On June 1, 2019, the bank discounted the note at 9% as a secured borrowing. On September 30, 2019, the maker dishonored the note. Alpha paid the bank the value of the note plus a P20,000 protest fee. Rounding off to two decimal places, what is the loss from the discounting transaction?

Reference no: EM132800545

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