Show Me How Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $96.000. Assume 2 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 7 96,000 b. Determine the proceeds of the note, assuming the note is discounted at Feedba OM W The proceeds equal the cash initially received. Proceeds represents how much in value the Borrower is walking away with in cash or merchandise