Pt 1515.46(381000) 3.31 On July 10, a debtor signs a note for $1000 due in 5 months with interest at 14% On October 18, the holder of the note sells it to a bank which discounts notes a simple interest rate of 15%. Find the proceeds of the sale. We arrange the data on a time line, Fig. 3-11. The maturity value of the note is S 1000 1+ (0.14)2 5$1058.33 The proceeds on October 18 are Pa 1058.33 11 + (0.1aG )1. $1035.46 53 11-1 Pt 1515.46(381000) 3.31 On July 10, a debtor signs a note for $1000 due in 5 months with interest at 14% On October 18, the holder of the note sells it to a bank which discounts notes a simple interest rate of 15%. Find the proceeds of the sale. We arrange the data on a time line, Fig. 3-11. The maturity value of the note is S 1000 1+ (0.14)2 5$1058.33 The proceeds on October 18 are Pa 1058.33 11 + (0.1aG )1. $1035.46 53 11-1