Question: On May 21 , a company accepted an $8300 note in settlement of a bill. The note was for 210 days at 8.75% simple interest.

On May 21 , a company accepted an $8300 note in settlement of a bill. The note was for 210 days at 8.75% simple interest. If the company sells the note to a loan company at a 13.5% discount 90 days after receipt, find the bank discount and the proceeds. Click the icon to view the Number of Each of the Days of the Year table. The bank discount is $ (Round to the nearest cent.)

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