On January 1, 2020 Savage company sold goods to another entity. The buyer signed a noninterest-bearing note requiring payment of P600,000 annually for seven years. The first payment was made on January 1, 2020. The prevailing interest for this type of note at date of issuance was 10%. The present value of 1 at 10% for 6 periods and 7 periods.56 and 51 respectively. The present value of an ordinary annuity of 1 for 6 and 7 periods are 4.36 and 4.87 respectively. What is the interest income for 2020?* 300,000 232,200 261,600 360,000