Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, t

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Descriptors Are Provided Below For Six Situations Involving Notes Receivable Being Discounted At A Bank In Each Case T 1 (38.18 KiB) Viewed 9 times

Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2021, and the principal and interest are due at maturity. For each, determine the proceeds received from the bank on discounting the note. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Note 1 2 3 5 6 Note Face Value Date of Note $ 50,000 3/31/2021 50,000 3/31/2021 50,000 3/31/2021 80,000 6/30/2021 80,000 6/30/2021 80,000 6/30/2021 Date Discounted 8% 6/30/2021 8% 9/30/2021 8% 9/30/2021 6% 10/31/2021 6% 10/31/2021 6% 11/30/2021 Interest Rate Discount Rate 10% 10% 12% 10% 12% 10% Proceeds Received