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

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

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 $51,600. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. 38,700 X b. Determine the proceeds of the note, assuming the note is discounted at 6%. 50,826

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