2350Civil EngineeringMedium
Mr. Jun Ramos was granted a loan of P20,000 by his employer Excel First Review and Training Center, Inc. with an interest of 6% for 180 days on the principal collected in advance. The corporation would accept a promissory note for P20,000 non-interest for 180 days. If discounted at once, find the proceeds of the note?
AP19,100
BP18,000
CP19,000
DP18,900
Correct answer
B. P18,000
Explanation
The correct answer is P18,000.