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How much is the interest on the note collected by the bank

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Question - At the end of the month, the bank statement of Dream Company showed a balance of P102,000, service charge of P6,000, a customer's no-sufficient fund check of P20,000 and the proceeds of note collected by bank for Dream Company. The note had a face value of P15,000.

Dream Company reported a balance of P128,000 in its cash account at the end of the month. At this time, there were P28,300 receipts not yet deposited and P12,000 of outstanding checks.

Required - How much is the interest on the note collected by the bank?

Reference no: EM133056996

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