Brief Exercise $7-22($Algo$)$ Discounting a note $[$LO$7-8]$

On March $31,$ Dower Publishing discounted a $$32,000$ note at a local bank. The note was dated February $28$ and required the payment of the principal amount and interest at $5\%$ on May $31.$ The bank$$s discount rate is $7\%.$

How much cash will Dower receive from the bank on March $31?$