Question: On May 1 2 , Scott Rinse accepted an $ 1 4 , 5 0 0 , 1 2 % , 9 0 - day

On May 12, Scott Rinse accepted an $14,500,12%,90-day note for a time extension of a bill for goods bought by Ron Prentice. On June 12, Scott discounted the note at Able Bank at 11%.(Use Days in a year table.)
What proceeds does Scott receive?
Note: Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.

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