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What the principal amount of the loan was

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The Manila Commercial Bank and Rap Corp. signed a loan agreement subject to the following terms.

a. Stated interest rate of 18% on a one-year discounted loan; and

b. 15% compensating non-interest bearing checking account balance to be maintained by Rap with Manila Commercial Bank. The net proceeds of the loan was P1 million.

Question 1: What The principal amount of the loan was?

Reference no: EM132519630

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