1. **State the problem:** Find the proceeds of a promissory note for RM8,000 with 9% interest per annum, dated 12 May 2021, due in 90 days, discounted on 15 July 2021 at 6% bank discount rate. 2. **Calculate the maturity date:** The note is due in 90 days from 12 May 2021. 3. **Calculate the maturity value:** Interest = Principal \times Rate \times Time $$\text{Interest} = 8000 \times 0.09 \times \frac{90}{360} = 8000 \times 0.09 \times 0.25 = 180$$ Maturity value = Principal + Interest = 8000 + 180 = 8180 4. **Calculate the term of discount:** Discount date is 15 July 2021. Calculate days from discount date to maturity date: - Maturity date = 12 May 2021 + 90 days = 10 August 2021 - Days from 15 July 2021 to 10 August 2021 = 26 days 5. **Calculate the discount amount:** Discount = Maturity value \times Discount rate \times Term of discount / 360 $$\text{Discount} = 8180 \times 0.06 \times \frac{26}{360} = 8180 \times 0.06 \times 0.0722 = 35.45$$ 6. **Calculate the proceeds:** Proceeds = Maturity value - Discount $$\text{Proceeds} = 8180 - 35.45 = 8144.55$$ **Final answer:** The proceeds from discounting the note on 15 July 2021 is **8144.55**.