Suncare Corporation installs switching systems and receives its pay in the form of notes receivable. It installed

Question:

Suncare installs switching systems and receives its pay in the form of notes receivable. It installed a system for the city of Edson, Alberta, receiving a nine-month, 10 percent, $200,000 note receivable on May 31, 2014. To obtain cash quickly, Suncare discounted the note with HSBC on June 30, 2014. The bank charged a of 11 percent.
Compute Suncare's cash proceeds from discounting the note. Follow the five-step procedure outlined in Exhibit 9-1A on page 547. Round to the nearest dollar.
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