Question: Proceeds from Notes Payable On September 1, Nova Salon Company issued a 90-day note with a face amount of $56,400 to Hotlocks Hair Products Company

Proceeds from Notes Payable

On September 1, Nova Salon Company issued a 90-day note with a face amount of $56,400 to Hotlocks 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%.

b.Determine the proceeds of the note, assuming the note is discounted at 5%.

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