Question: Proceeds from Notes Payable On September 1, Nova Salon Company issued a 120-day note with a face amount of $56,400 to Osborne Hair Products Company

Proceeds from Notes Payable On September 1, Nova Salon Company issued a 120-day note with a face amount of $56,400 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 5% 56,400 b. Determine the proceeds of the note, assuming the note is discounted at 5%

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