Question: Proceeds from Notes Payable On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 30-day note with a face amount of $63,600.

Proceeds from Notes Payable

On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 30-day note with a face amount of $63,600. Assume a 360-day year.

Required:

a.Determine the proceeds of the note, assuming the note carries an interest rate of 9%.

$

b.Determine the proceeds of the note, assuming the note is discounted at 9%.

$

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