1. Carl Sonntag wanted to compare what proceeds he would receive with a simple interest note versus a simple discount note. Both had the same terms: $17,600 at 7% for 3 years. Use ordinary interest as needed. a. Calculate the simple interest note proceeds. Simple interest note proceeds $ b. Calculate the simple discount note proceeds. Simple discount note proceeds $
2. On July 14, Sheffield Company discounted at Sunshine Bank a $8,208 (maturity value), 120-day note dated April 10. Sunshine’s discount rate was 10%. (Use Days in a year table.) What proceeds did Sheffield Company receive? (Use 360 days a year. Do not round intermediate calculations.) Proceeds received $