Frame company has an 8% note receivable dated June 30, 2019, in the original amount of P1,500,000. Payments of P500,000 in principal plus accrued interest are due annually on July 1,2020, 2021 and 2022. What is the balance of note receivable on July 1, 2020? *

a.1,500,000

b.1,000,000

c.500,000

d.0