Final answer:
Shelly Katz receives $4,439 as proceeds from the discounted note.
Step-by-step explanation:
First, we need to calculate the discount on the note by using the formula:
Discount = Face Value of Note * Discount Rate * Discount Period.
Discount = $4,600 * 7% * (180/360) = $161
Next, we need to calculate the proceeds that Shelly Katz receives by subtracting the discount from the face value of the note: Proceeds = Face Value of Note - Discount.
Proceeds = $4,600 - $161 = $4,439.
Therefore, Shelly Katz receives $4,439 as proceeds from the discounted note.