Question: Proceeds from notes payable On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 120 -day note with a face amount of

Proceeds from notes payable On January 26, Nyree Co. borrowed cash

Proceeds from notes payable On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 120 -day note with a face amount of $60,000. Assume 360 days in a year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. $x b. Determine the proceeds of the note, assuming the note is discounted at 6%. $X

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