This is not homework i already got it wrong without an explanation.

On June 30, 2007, Simon Company discounted a customer’s $180,000, 6-month, and 10 percent note receivable dated April 30, 2007. A discount rate of 12 percent was charged by the bank. Simon’s proceeds from this discounted note would be:

To calculate the proceeds from a discounted note, you need to find the discounted value of the note. The formula to calculate the discounted value of a note is:

Discounted value = Principal * (1 - Discount rate * Time)

Where:
- Principal is the original amount of the note ($180,000)
- Discount rate is the rate at which the note is discounted (12%)
- Time is the time period for which the note is discounted (6 months)

Now, let's calculate the discounted value:

Discounted value = $180,000 * (1 - 0.12 * (6/12))
Discounted value = $180,000 * (1 - 0.12 * 0.5)
Discounted value = $180,000 * (1 - 0.06)
Discounted value = $180,000 * 0.94
Discounted value = $169,200

Therefore, Simon's proceeds from this discounted note would be $169,200.