A $15,000, 6%, 50-day note, dated November 8, is discounted at 5% on November 28. The proceeds of the note would be __________.

$15,061.98

$1,097.51?

To find the proceeds of the note, we need to calculate the discount and subtract it from the face value of the note.

Step 1: Calculate the discount:
The discount is calculated using the discount rate and the time period in which the note is discounted. In this case, the note is discounted for 20 days.

Discount = Face Value * Discount Rate * Time
Discount = $15,000 * 5% * (20/360) [assuming a 360-day year]
Discount = $416.67

Step 2: Subtract the discount from the face value of the note:
Proceeds = Face Value - Discount
Proceeds = $15,000 - $416.67
Proceeds = $14,583.33

Therefore, the proceeds of the note would be $14,583.33.