Mr. Jun Ramos was granted a loan of P20,000 by his employer Excel First Review and Training Center, Inc. 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?

Related Mcqs:

A uniform series of payment occurring at equal interval of time is called ____________________?

A. Annuity B. Amortization C. Depreciation D. Bond...

What is defined as an entity which makes product, good or services available to buyer or consumer in exchange of monetary consideration ?

A. Seller B. Manufacturer C. Producer D. Buyer or consumer...

A P 1, 000, 6% bond pays dividend semiannually and will be redeemed at 110% on June 21, 204. It is bought on June 21, 2001 to yield 4% interest. Find the price of the bond ?

A. P 1,122.70 B. P 1,144.81 C. P 1,133.78 D. P 1,155.06...

What is the main reason why the sinking fund method of computing depreciation is seldom used in the industry ?

A. Unstable economy B. Rate of interest cannot be exactly determined C. The initial deprecation is high D. The initial depreciation is low...

What is defined as the current assets minus inventories and prepaid expenses ?

A. Profit margin ratio B. Price-earnings ratio C. Return of investment ratio D. Quick ratio...