Computing the Proceeds from the Sale of Notes Receivable

Below are several customer notes receivable that were sold without recourse.

1. An $8,000, 60-day, non-interest-bearing note sold after 15 days at 12%.
2. A $10,000, 12%, 60-day note sold after 30 days at 14%.
3. A $4,000, 10%, 90-day note sold after 30 days at 12%.
4. A $10,000, 12%, 120-day note sold after 45 days at 15%.

Required:

Determine the proceeds from each of the preceding sales of customer notes receivable. (Assume a 360-day year.) Do not round intermediate calculations. When required, round your final answers to the nearest dollar. If an amount is zero, enter "0".

	Note 1	Note 2	Note 3	Note 4
Face Value of Note
Interest to Maturity
Maturity Value
Discount
Proceeds