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 $50,400.

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 $50,400. Assume 360 days in a year.

a. Determine the proceeds of the note, assuming the note carries an interest rate of 9%.

b. Determine the proceeds of the note, assuming the note is discounted at 9%.

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