Question: Proceeds from Notes Payable On January 2 6 , Elegant Co . borrowed cash from Conrad Bank by issuing a 1 2 0 - day

Proceeds from Notes Payable
On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount of $58,800. 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%.
Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash

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