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M10. Assignment 10.1 eBook Show Me How Calculator Print Item Proceeds from Notes Payable On September 1, Bella Salon Company issued a 120-day note with
M10. Assignment 10.1
eBook
Show Me How
Calculator
Print Item
Proceeds from Notes Payable
On September 1, Bella Salon Company issued a 120-day note with a face amount of $38,400 to Hamlet Hair Products Company for merchandise inventory. Assume a 360-day year.
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%. $
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