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

Proceeds from notes payable
On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $63,600. Assume 360 days in a year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.
$
b. Determine the proceeds of the note, assuming the note is discounted at 6%.
$
Proceeds from notes payable On January 26, Nyree Co. borrowed cash

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