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Determine the proceeds of the note

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Reference no: EM133004442

Problem - On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $81,600. 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%.

Reference no: EM133004442

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