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Homework answers / question archive / On January 7, 2021, Dang Company discounted its own P100,000, 180-day note at the Bank of the Philippine Islands at a discount rate of 20%

On January 7, 2021, Dang Company discounted its own P100,000, 180-day note at the Bank of the Philippine Islands at a discount rate of 20%

Accounting

On January 7, 2021, Dang Company discounted its own P100,000, 180-day note at the Bank of the Philippine Islands at a discount rate of 20%. Dang repaid the note on the July 6, 2021, its due date. Based on a 360-day year, what was the effective rate of interest on the borrowing? (Omit percentage e.g. if 30% on worksheet, answer is 30 in this form.) *

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