Required:

$-1.$ Calculate the loan proceeds made available to Powell.

Answer is complete but not entirely correct.On May $15,2022,$ Powell Incorporated obtained a six$-$month working capital loan from its bank. The face amount of the note signed by the treasurer was $$180,200.$ The interest rate charged by the bank was $8\mathrm{.}25\%.$ The bank made the loan on a discount basis.

Exercise $7-7($Algo$)$ Part a

Required:

a$-1.$ Calculate the loan proceeds made available to Powell.