Evaluating alternative notes

the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

Open spreadsheet

a$.$ Compute the amount of the interest expense for each option. Round your answer to the nearest dollar.

$

for each alternative.

b$.$ Determine the proceeds received by the borrower in each situation. Round your answers to the nearest dollar.

$(1)$ $$420,000,30-$day, $6\%$ interest$-$bearing note: $

$(2)$ $$420,000,30-$day note discounted at $6\%$:$

c$.$ Alternative

is more favorable to the borrower because the borrower