Question: Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $37,200.

Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash

Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $37,200. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 7%. $ X b. Determine the proceeds of the note, assuming the note is discounted at 7%. $

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