Question: Proceeds from Notes Payable On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 60-day note with a face amount of $100,000.

Proceeds from Notes Payable

On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 60-day note with a face amount of $100,000. 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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