Problem 2: Vector Corp issued a promissory note denominated in foreign currency for the purchase made from a supplier in England on Dec 1, for a 60-day, 18% promissory note for 108,000 pounds, at a selling rate of 1FC to P74.20. On Dec 31, the selling spot rate is 1FC to P74.85. On January 30, the selling spot rate is 1FC to P75.75.

On the settlement date, how much is the foreign exchange gain/loss?

a. 172,422 gain

b. 100,116 loss

c. 172,422 loss

d. 98,658 loss

Please provide complete solution. Thanks