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Proceeds from Notes Payable On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45 -day note with a face amount of $150,000. Assume a 360 -day year. Required: a. Determine the proceeds of the note, assuming that the note carries an interest rate of 10%. x b. Determine the proceeds of the note, assuming that the note is discounted at 10%. x Feedouck Check My Wark The proceeds equal the cash initially received. Proceeds represents how much in value the borrowor is walking away with in cash or merchandise