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On January 1, 020, ABC Co. borrowed 10% P2,500,000 five-year loan from National Bank. interests are payable annually starting December 31, 2020. National charges 5%

On January 1, 020, ABC Co. borrowed 10% P2,500,000 five-year loan from National Bank.

interests are payable annually starting December 31, 2020. National charges 5% non-refundable

loan origination fee representing service fee. Compute for the loan payable to be presented on

December 31, 2020.

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