(Answered) Question find the bank discount and proceeds using ordinary

Accounting

Question: Find the bank discount and proceeds using ordinary interest on an unsecured promissory note made to Leslie Smith for $12,000 at 7% annual simple interest from June 15 to September 15 for this year. Use the steps below to find your answers.

a) Explain the difference between a simple interest note and a simple discount note.

b) Exact time (days) of note: __________

c) What is the bank discount?

d) What are the proceeds that Leslie Smith receives?

e) What is the amount Leslie Smith repays?

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