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Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is
Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2021, and the principal and interest are due at maturity. For each, determine the proceeds received from the bank on discounting the note. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Note Discount Proceeds Rate Received 1 8% MITI 2 3 4 Note Date of Interest Date Face Note Rate Discounted Value $ 3/31/2021 6% 6/30/2021 60,000 60,000 3/31/2021 6% 9/30/2021 60,000 3/31/2021 6% 9/30/2021 95,000 6/30/2021 4% 10/31/2021 95,000 6/30/2021 4% 10/31/2021 95,000 6/30/2021 4% 11/30/2021 8% 12% 8% 12% 8% 5 6
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