On February 1, Tectronic Co. issued a 60-day note with a face amount of $120,000 to Tokai
Question:
On February 1, Tectronic Co. issued a 60-day note with a face amount of $120,000 to Tokai Warehouse Co. for cash.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 9%.
b. Determine the proceeds of the note, assuming the note is discounted at 9%.
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