Question: On March 31, Dower Publishing discounted a $36,000 note at a local bank. The note was dated February 28 and required the payment of the

On March 31, Dower Publishing discounted a $36,000 note at a local bank. The note was dated February 28 and required the payment of the principal amount and interest at 10% on May 31. The banks discount rate is 12%.

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

What is the maturity date, discount, and cash proceeds?

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