Question: Required information Exercise 7-5 (Algo) Notes payable-discount basis LO 2 [The following information applies to the questions displayed below] On April 15, 2019, Powell Inc.

Required information Exercise 7-5 (Algo) Notes payable-discount basis LO 2 [The following information applies to the questions displayed below] On April 15, 2019, Powell Inc. obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $217,500. The interest rate charged by the bank was 4.50%. The bank made the loan on a discount basis. Exercise 7.5 (Algo) Part a Required: a-1. Calculate the loan proceeds made avallable to Powell

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