On September 1, Elegant Salon Company issued a 30-day note with a face amount of $78,000 to Osborne 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 10%. $ 78,000 V b. Determine the proceeds of the note, assuming the note is discounted at 10%. $ Feedback Check My Work The proceeds equal the cash initially received. Proceeds represents how much in value the borrower is walking away with in cash or merchandise. Learning Objective 1