posted by Pat .
Hafers, an electrical supply co., sold $4200.00 of equipment to Coates Wiring Inc. Coates signed a promissory note 5-12th with 6.00% interest. The due date was Aug. 21st Short of funds Hafers contacted their bank on 7-6th;the bank agreed to take over the note at a 7.20% discount.
The ques. is What procedds did Hafers receive.