Question: Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $94,800.

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 90-day note with a face amount of $94,800. Assume a 360 -day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 5%. x b. Determine the proceeds of the note, assuming the note is discounted at 5%. x

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