1. Jolo holds a P32,000 simple interest note at 12%, which is payable at the end of a year, from Cecilia. If Jolo decides to sell the note 5 months after the origin date, how much will he receive if the discount interest rate is 14%?

2. What is the proceeds of a P6,500 bank discount note that is payable at the end of 6 months but discounted after 3 months at 15% discount interest rate?