Question: Proceeds from Notes Payable On September 1, Elegant Salon Company issued a 60-day note with a face amount of $49,200 to Osborne Hair Products Company

Proceeds from Notes Payable On September 1, Elegant Salon Company issued

Proceeds from Notes Payable On September 1, Elegant Salon Company issued a 60-day note with a face amount of $49,200 to Osborne Hair Products Company for merchandise inventory. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%. $ b. Determine the proceeds of the note, assuming the note is discounted at 8%

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