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Determine the proceeds of the note

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Question - On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $62,400. Assume a 360-day year.

Required -

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: EM133119066

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