Evaluating Alternative Notes A borrower has two alternatives for a loan: (1) issue a $660,000, 60-day, 7% note or (2) issue a $660,000, 60-day note that the creditor discounts at 7%. Assume a 360- day year. a. Calculate the amount of the interest expense for each option. $ for each alternative. b. Determine the proceeds received by the borrower in each situation. (1) $660,000, 60-day, 7% interest-bearing note (2) $660,000, 60-day note discounted at 7% c. Alternative is more favorable to the borrower because the borrower