Practice question
A valid subscription contract requires simple interest from subscription at 8% annually. The unpaid principal remains PHP100,000 for exactly half a year, with no compounding or other charges. What contractual interest accrues for that period?
- PHP4,000
- PHP400
- PHP8,000
- PHP40,000
- PHP0 despite the stipulated term
Legal references
- RA11232 Revised Corporation Code: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html Sections63,65–66 and71.
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