Evaluating alternative notes A borrower has two alternatives for a loan: (1) issue a $270,000, 60-day, 7% note or (2) issue. Online file. Open the spreadsheet, perform the required analysis, and input your answers in the X Open spreadsheet A. Calculate the amount of the interest expense for each option. Round your answer to the neares for each alternative $ B. Determine the proceeds received by the borrower in each alternative. Round your answers to th (1) $270,000, 60-day, 7% interest-bearing note: $ (2) $270,000, 60-day note discounted at 7%: $ C. Alternative 1 is more favorable to the borrower because the borrower receives more Feedback Check My Work A 360-day year is used when calculating interest on a note. Recall the definition of proceeds is the amount t Check My Work