Question: 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.

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%. $

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