Question: Proceeds from Notes Payable On May 15, Franklin Co. borrowed cash from Dakota Bank by issuing a 60-day note with a face amount of

Proceeds from Notes Payable On May 15, Franklin Co. borrowed cash from

Proceeds from Notes Payable On May 15, Franklin Co. borrowed cash from Dakota Bank by issuing a 60-day note with a face amount of $51,600. Assume a 360-day year. Required: a. Determine the proceeds of the note, assuming that the note carries an interest rate of 6%. b. Determine the proceeds of the note, assuming that the note is discounted at 6%.

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