Question 8 [5 points) Leonard Machinery sold some equipment for $7,500 and established a promissory note requiring 4.80% compounded monthly and due in 4 years. After 272 years, the note was sold to a finance company at a discount rate of 14.50% compounded quarterly What are the proceeds of the sale? For full marks your answer(s) should be rounded to the nearest cent. Proceeds = $ 0.00