Question: Proceeds from notes payable On Jansary 2 6 , Nyree Co . borrowed cash from Conrad Bank by issuing a 9 0 - day note

Proceeds from notes payable
On Jansary 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $92,400. Assume 360 days in a year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 7%.
b. D-termine the proceeds of the note, assuming the note is discounted at 7%.
Proceeds from notes payable On Jansary 2 6 ,

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