Prateek Singh is a clothing wholesaler and he accepted a Promissory Note from a customer in the amount of $10,000 at 12% per annum simple interest with a term of 16 months. After 8 months, he goes to Pankaj Factoring Company (PFC) and asks if they will buy the Note so that he can get the money to address a pressing problem. PFC will buy but, because of the high risk of default on the Note, they want to make 42% per annum simple interest. How much will Pankaj offer Prateek for the Note?