Question: 1. Find the discount (ordinary interest) and proceeds on a promissory note for $2,000 made by Barbara Jones on February 10, 2011, and payable to First State Bank on August 10, 2011, with a discount rate of 9%.
2. A loan of $1,200 at 10% annually made on October 15 and due on March 20 of the following non-leap year.