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[Music] another way of lending money is to deduct the interest from the principal at the beginning of the loan and give the borrower the difference lets take a look at calculating bank discounts and proceeds these are known as simple discount notes when this method is used the amount of interest charged is known as the bank discount and the amount the borrower receives is known as proceeds when the term of the note is over the borrower will repay the entire principal or face value of the note as the maturity value for example Julie goes to a bank and signs a simple interest note for $5,000 if the interest charge amounts to $500 shell receive $5,000 at the beginning of the note and repay $5,500 at the maturity of the note because bank discount is the same as interest we use the formula I equals PRT as before substituting bank discount for interest face value for principal and discount rate for interest rate so bank discount equals face value times discount rate times time note use ord