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Proceeds from Notes Payable On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 90 -day note with a face amount of $96,000. Assume a 360 -day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 9%. b. Determine the proceeds of the note, assuming the note is discounted at 9%. X Feedback Check My Work The proceeds equal the cash initially received. Proceeds represents how much in value the borrower is walking away with in cash or merchandise