Silver Company purchased merchandise for resale on January 1, 2021, for P5,000 cash plus a P20,000, two-year note payable. The principal is due on December 31, 2022; the note specified 8% interest payable each December 31.  Silver's going rate of interest for this type of debt was 15%. How much is the carrying amount of the note payable on December 31, 2021 (round off to four decimal places)?

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