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 $46,800. Assume a 360 -day year. Required: a. Determine the proceeds of the note, assuming that the note carries an interest rate of 9%. x b. Determine the proceeds of the note, assuming that the note is discounted at 9%. x Feedtark Check My Work The proceeds equal the cash initially received. Proceeds represents how much in value the borrower is walking away with in cash or merchandise