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, 2016, and the principal and interest are due at maturity. For each, determine the proceeds received from the bank on discounting the note.

Problem 7-11 Discounting a note receivable [L07-7 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, 2016, 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 Face Value Interest Rate Date Discounted Discount Rate Proceeds Received Note Date of Note 1 $50,0003/31/2016 2 3 4 5 6 50,0003/31/2016 50,0003/31/2016 80,0006/30/2016 80,0006/30/2016 80,0006/30/2016 8% 6/30/2016 8% 9/30/2016 8% 9/30/2016 5% 10/31/2016 5% 10/31/2016 6% 11/30/2016 10% 10% 12% 10% 12% 10%