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Determine the proceeds of the note

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Question - Proceeds from Notes Payable - On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount of $74,400. Assume a 360-day year.

Required -

a. Determine the proceeds of the note, assuming the note carries an interest rate of 7%.

b. Determine the proceeds of the note, assuming the note is discounted at 7%.

Reference no: EM133104596

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