On March 12, Bill Jones accepted a $12,000 note in granting a time extension for a bill of goods purchased by his customer Ron Prentice. The terms of the note were 13% for 90 days. On April 24, Bill c

On March 12, Bill Jones accepted a $12,000 note in granting a time extension for a bill of goods purchased by his customer Ron Prentice. The 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%. Using ordinary interest what are the proceeds to Bill?