Question: Proceeds from Notes Payable On May 15, Maynard Co, borrowed cash from Texas Bank by issuing a 120-day note with a face amount of $78,000.

Proceeds from Notes Payable On May 15, Maynard Co, borrowed cash from Texas Bank by issuing a 120-day note with a face amount of $78,000. Assume a 360-day year. Required: a. Determine the proceeds of the note, assuming the note carries an interest rate of 5%. X b. Determine the proceeds of the note, assuming the note is discounted at 5%

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