Question: A person signed a 120-day simple discount note with a face value of $16,000 and a rate of 15% on June 27. The lender sells

A person signed a 120-day simple discount note with a face value of $16,000 and a rate of 15% on June 27. The lender sells the note at a discount of 14% on Aug. 3. Find the proceeds of the original note, the discount period, the discount, and the proceeds at the sale of the note on Aug. 3. Use banker's interest of 360 days.

The proceeds of the original note are $_?

The discount period is _ days?

The discount is $_?

The proceeds of the sale of the note on Aug. 3 are $_?

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