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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 Note Face Value Date of Note Interest Rate Date Discounted 6/30/2021 Discount Rate Proceeds Received 1 $ 3/31/2021 10% 12% 2 3/31/2021 10% 9/30/2021 12% N| 3 3/31/2021 10% 9/30/2021 14% 80,000 80,000 80,000 120,000 120,000 120,000 4 6/30/2021 8% 10/31/2021 12% 5 5 6/30/2021 8% 10/31/2021 14% 6 6/30/2021 8% 11/30/2021 12%
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