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Problem 7-11 (Algo) Discounting a note receivable (LO7-7) Descriptors are provided below for six situations...

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Problem 7-11 (Algo) Discounting a note receivable (LO7-7) 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 Note Face Date of Note 1 Discount Proceeds Rate Received 10% $ 60,571 10% 2 Interest Date Rate Discounted 8% 6/30/2021 8% 9/30/2021 8% 9/30/2021 5% 10/31/2021 5% 10/31/2021 5% 11/30/2021 Value $ 60,000 3/31/2021 60,000 3/31/2021 60,000 3/31/2021 120,000 6/30/2021 120,000 6/30/2021 120,000 6/30/2021 3 12% 4 10% 12% 5 6 10%

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