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Determine the proceeds of the note

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On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $80,400. Assume a 360-day year.

Problem a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%.

Problem b. Determine the proceeds of the note, assuming the note is discounted at 8%

Reference no: EM132952413

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