Question: Jolo holds a $32,000 simple interest note at 12%, which is payable at the end of a year, from Cecilia. If Jolo decides to sell

Jolo holds a $32,000 simple interest note at 12%, which is payable at the end of a year, from Cecilia. If Jolo decides to sell the note 5 months after the origin date, how much will he receive if the discount interest rate is 14%?

I followed a three step process as taught in class.
1. Determine maturity/future value
2. Determine discount period
3. Determined proceeds

proceeds= future value-bank discount

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