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How much was the final payment to the bank

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Question - On July 1, 2020, XYZ Company assigned P2,500,000 accounts receivable to a bank to secure an P1, 000,000 loan, with 2% monthly interest. The customer was not notified. Collections were: P500,000 in July, P500,000 in August, and P1, 500,000 in September. At the end of each month, the entity remitted the collections to the bank plus interest.

A. How much was the final payment to the bank?

B. How much is the interest expense incurred in 2020?

Reference no: EM133006168

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