3. on march 4 jay miller accepted a $5,000 note in granting a time< br /> extension of a bill for goods purchased by russ sullivan. terms of the note< br /> were 9% for 150 days. on june 8 jay could no longer wait for the money< br /> and discounted the note at ranger bank at a discount rate of 9 1/2%.< br /> calculate jay miller's proceeds.