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Find how much is the interest income on december

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

Problem 1: How much is the interest income on December 31, 2020? (Round off present value factor and your answer for two decimal places.)

Reference no: EM132691036

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