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.
A. P18,000
B. P18,900
C. P19,000
D. P19,100
Answer: Option A
This Question Belongs to Civil Engineering >> Engineering Economics
The answer must be 18800...
Proceed=0.06(20000)
Proceed=1200
Interest=20000-1200
Interest=18800//
How did you get the answer? What formulas are used to solve the answer? Thank you!