Evaluating Alternative Notes A borrower has two alternatives for a loan: (1) issue a $240,000, 30-day, 6% note or (2) issue a $240,000, 30-day note that the creditor discounts at 6%. 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) $240,000, 30-day, 6% simple-interest (2) $240,000, 30-day note discounted at 6% c. Alternative alternative 1 is is more favorable to the borrower since the effective interest rate on and the effective rate on alternative 2 is