1. Cullman National Bank was the payee of a $20,000 note dated Jun 3. The note was made for 90 days and was discounted at 16%. On August 2, the note was rediscounted at Decatur Bank at 15%. How much had the Cullman National Bank loaned the maker of the note (i.e., find the proceeds)?

2. Cullman National Bank was the payee of a $20,000 note dated Jun 3. The note was made for 90 days and was discounted at 16%. On August 2, the note was rediscounted at Decatur Bank at 15%. How much had Cullman received when it rediscounted the note?