Question: A note was issued to Petron that has a stated interest of 6% and a principal amount ofP700,000. The principal is payable after 3 years.

A note was issued to Petron that has a stated interest of 6% and a principal amount ofP700,000. The principal is payable after 3 years. 



How much is the interest income earned in the 2nd year if  the prevailing rate is 5%?

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