A borrower has two alternatives for a loan: (a) issue a $480,000, 60-day, 8% note or (b) issue a $480,000, 60-day note that the creditor discounts at 8% (Assume a 360-day year is used for interest calculations.) Required: 1. Calculate the amount of the interest expense for each option, for alternative) for alternative (0) 2. Determine the proceeds received by the borrower in each situation. proceeds for alternative (a) proceeds for alternative (b)