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Determine the cash proceeds from the discounted notes

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Reference no: EM132571279

Question 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)

Reference no: EM132571279

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