OB). 1 note 11-1 . 507 PE 11-1A Proceeds from notes payable On October 12, Belleville Co. borrowed cash from Texas Bank by issuing a 30-day with a face amount of $70,000. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6% b. Determine the proceeds of the note, assuming the note is discounted at 6%