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What amount of income from the loan should money report

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Problem 1: On December 1, 2003, Money Co. gave Home Co. a P200,000, 11% loan. Money paid proceeds of P194,000 after the deduction of a P6,000 nonrefundable loan origination fee. Principal and interest are due in 60 monthly installments of P4,310, beginning January 1, 2004. The repayments yield an effective interest rate of 11% at a present value of P200,000 and 12.4% at a present value of p194,000. What amount of income from this loan should Money report in its 2003 income statement?

a. P 0
b. P 1,833
c. P 2,005
d. P 7,833

Reference no: EM132834330

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