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How much cash is received on sept

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Question - On Sept. 1, 2021, Zane Apparel borrowed P900,000 for one year from the bank with stated interest rate of 10%. As a collateral for the loan, the company hypothecated its accounts receivable amounting to P1,200,000. The bank deducted the one-year interest in advance. How much cash is received on Sept. 1, as a result of the pledging of accounts receivable?

Reference no: EM133139696

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