Please do not copy from Chegg otherwise I have to report the answer. Explain the answer thoroughly by showing each step of the calculation.

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.) Proceeds Received Note Note Face Date of Note Interest Rate Discounted Date Value 1 $ 60.000 3/31/2016 8% 6/30/2016 2 60,000 3/31/2016 8% 9/30/2016 3 60.000 3/31/2016 8% 9/30/2016 4 180,000 6/30/2016 6% 10/31/2016 5 180 000 6/30/2016 6% 10/31/2016 6 180.000 6/30/2016 6% 11/30/2016 2 3 Discount Rate 10% 10% 12% 10% 12% 10% 5 5