Question: Proceeds from Notes Payable On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $61,200.

Proceeds from Notes Payable On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $61,200. Assume a 360-day year a. Determine the proceeds of the note, assuming the note carries an interest rate of 5% 1. Determine the proceeds of the note, assuming the note is discounted at 5%

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