7. On December 3, Duncan Company accepted a $5000, 90 day12% note from Al in exchange for a $5000 bill that was past due. On January 29, Duncan discounted the note at City Bank at 13.1%. What were (a) bank discount and (b) the proceeds Duncan received? (Show a time line as provided.) Facts Solving For Steps 7. On December 3, Duncan Company accepted a $5000, 90 day12% note from Al in exchange for a $5000 bill that was past due. On January 29, Duncan discounted the note at City Bank at 13.1%. What were (a) bank discount and (b) the proceeds Duncan received? (Show a time line as provided.) Facts Solving For Steps