Evaluating alternative notes

A borrower has two alternatives for a loan: $(1)$ issue a $$570,000,60-$day, $7\%$ note or $(2)$ issue a $$570,000,60-$day note that the creditor discounts $7\%.$ Assume a $360-$day year. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

Open spreadsheet

a$.$ Compute the amount of the interest expense for each option. Round your answer to the nearest dollar.

$ for each alternative.

b$.$ Determine the proceeds received by the borrower in each situation. Round your answers to the nearest dollar.

$(1)$ $$570,000,60-$day, $7\%$ interest$-$bearing note: : $$

$(2)$ $$570,000,60-$day note discounted at $7\%$:$

c$.$ Alternative $$ is more favorable to the borrower because the borrower. $$