Evaluating alternative notes A borrower has two aiternatives for a loan: (1) issue a $690,000,30-day, 7% note or (2) issue a $690,000,30-day note that the creditor discounts at 7%. Assume a 360 day year. a. Compute the amount of the interest expense for each option. for each alternative. b. Determine the proceeds received by the borrower in each situation. (1) $690,000,30-day, 7% interest-bearing note (2) $690,000,30-day note ditcounted at 7% c. Aternative is more favorabie to the borrower because the borrower