On March 12 Bill Jones accepted a 12 000 note in granting a time extension of a bill for goods purchased by Ron Prentice Terms

Question

On March 12 Bill Jones accepted a 12 000 note in granting a time extension of a bill for goods purchased by Ron Prentice Terms of the note were 13 for 90 days On April 24 Bill could no longer wait for the money and discounted the note at Able Bank at a discount rate of 14 The proceeds to Bill is O 12 047 90 12 163 54 12 390 00 12 048 90

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