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How much is the net proceed of the promissory note

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Problem 1: Heart Corporation has a note for P250,000 dated January 1, 2012. The note is due in 120 days with interest at 9%. If Heart Corporation sells the note on March 31, 2012 to RCBC Capital charging a discounted rate of 5%, how much is the net proceed of the promissory note?

A. P257,500

B. P1,072.92

C. P256,427.08

D. P250,000

Problem 2: Which of the following is not an advantage of short-term financing?

A. It is easier to arrange

B. Refinancing is frequently needed

C. It is less expensive

D. It affords the borrower more flexibility

Reference no: EM132760125

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