Question: Proceeds from Notes Payable On May 15, Franklin Co. borrowed cash from Dakota Bank by issuing a 30-day note with a face amount of $88,800.

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

Proceeds from Notes Payable On May 15, Franklin Co. borrowed cash from Dakota Bank by issuing a 30-day note with a face amount of $88,800. Assume a 360-day year. Required: a. Determine the proceeds of the note, assuming that the note carries an interest rate of 10%. $ b. Determine the proceeds of the note, assuming that the note is discounted at 10%. $

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