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Problem - On July 1, 2020, Julio Company assigned P1,000,000 accounts receivable to a bank to secure an P800,000 loan, with 1% monthly interest. The customer was not notified. Collections were: P200,000 in July, P600,000 in August, and P200,000 in September. At the end of each month, the entity remitted the collections (or amount due) to the bank plus interest.
1. How much is the total interest expense incurred in 2020?
2. How much was the final payment to the bank?
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The loan and its related interest is payable in 2 years with an annual rate of 30%. How much is the accrued interest payable in 2020
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