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borrower has two alternatives for a loan: (1) issue a $420,000,90-day, 8% note or (2) issue a $520,000,90-day note that the creditor discounts at 836 . Assume a 360 lay year. Compute the amount of the interest expense for each option. for each alternative. b. Determine the proceeds recelved by the borrower in each situation. (1) $420,000,90-day, 8% interest-bearlng note (2) 8420,000,90-day note discounted at 8% c. Alemative is more favorable to the borrower because the borrower Feotewin * Creah My Wah A 160-day year is used when calculsting interest on a note. Recall the definiton of proceeds is the amount that the borrower receives in cash or merchandise. Consider amount of money avalable for use