Proceeds from Notes Payable On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $55,200. Assume a a. Determine the proceeds of the note, assuming the note carries an interest rate of 7%. b. Determine the proceeds of the note, assuming the note is discounted at 7%. X Fentack * chusk My Work The proceeds equal the cash initially received. Proceeds represents how much in value the bocrower is walking away with in merchandise