Proceeds from Notes Payable On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $70,800. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 10%. X b. Determine the proceeds of the note, assuming the note is discounted at 10%. 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