Question: Proceeds from Notes Payable On May 1 5 , Franklin Co . borrowed cash from Dakota Bank by issuing a 9 0 - day note

Proceeds from Notes Payable
On May 15, Franklin Co. borrowed cash from Dakota Bank by issuing a 90-day note with a face amount of $180,000. Assume a 360-day year.
Required:
a. Determine the proceeds of the note, assuming that the note carries an interest rate of 8%.
$
b. Determine the proceeds of the note, assuming that the note is discounted at 8%.
Proceeds from Notes Payable On May 15, Franklin Co. borrowed cash

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