1. JAB Consulting received a promissory note of $11,500at7% simple interest for 15 months from one of its customers. After 6 months, Grove Isle Bank discounted the note at a discount rate of8% Calculate the proceeds (in $) that JAB Consulting will receive from the discounted note. Round your answer to the nearest cent. (Show work)
2. Carlos takes out a loan for $10,400, at 8% ordinary interest. If the amount of interest is $249.60, what is the time period (in days) of the loan? Round any fraction to the next higher day. (Show work)