A bank discount 120 day note with a face value of P7,000 comes due on June 1st. The owner of the note holds it for only 20 days before having it discounted at a bank which discounts at a rate of 11 %....

A bank discount 120 day note with a face value of P7,000 comes due on June 1st. The owner of the note holds it for only 20 days before having it discounted at a bank which discounts at a rate of 11 %. What amount does the owner get from the bank after 20 days?