Proceeds from Notes Payable On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $55,200. Assume a 360-day year. a. Determine the proceeds of the note,...

Proceeds from Notes Payable

On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $55,200. Assume a 360-day year.

a.Determine the proceeds of the note, assuming the note carries an interest rate of 6%.
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b.Determine the proceeds of the note, assuming the note is discounted at 6%.