Textbook Problem

Computing the Proceeds from the Sale of Notes Receivable Below are several customer notes receivable that were sold without recourse.

1. 1. An $8,000, 60-day, non-interest-bearing note sold after 15 days at 12%.
2. 2. A $9,000, 12%, 60-day note sold alter 30 days at 14%
3. 3. A $6,000, 10%, 90-day note sold after 30 days at 12%
4. 4. A $10,000, 12%, 120-day note sold after 45 days at 15%

Determine the proceeds from each of the preceding sales of customer notes receivable. (Assume a 360-day year.)