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Determine the proceeds of the note

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Question - Proceeds from Notes Payable - On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $57,600. Assume a BED-day year.

Required -

a. Determine the proceeds of the note, assuming the note carries an interest rate of 9%.

B. Determine the proceeds of the note, assuming the note is discounted at 9%.

Reference no: EM133076894

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