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How much total cash was paid by marcy on the maturity date

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On December 1, 2019, Marcy Lou raised emergency funds by issuing an 18% note for P500,000. The note has a term of 4 months, and the agreement states that Marcy will pay the principal in full plus the interest on the maturity date.

Problem 1: How much is the interest expense to be recognized on this note for the year 2020?

Problem 2: How much total cash was paid by Marcy on the maturity date?

Problem 3: What is the entry on the date of maturity to recognize the payment of the principal and the interest?

Reference no: EM132726715

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