please answer and write solutions this is basic accounting only. thannkyou

1.At the beginning of current year, an entity purchased from another entity a P 2,000,000 8% five- year note that required five annual year - end payments of P 500,900. The note was discounted to yield a 9% rate. At date of purchase, the company recorded the note at present value of P 1,948,500.

Of the first installment collected, how much is applied on the principal of the note?

2.BBB Company factored P6,000,000 of accounts receivable to a finance entity at the beginning of current year. Control was surrendered by BBB Company. The factor assessed a fee of 3% and retained a holdback equal to 5% of the accounts receivable. In addition, the factor charged 15% interest computed on a 30 - day per month basis to maturity of the accounts receivable for 54 days.

What is the amount of cash initially received from the factoring?