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On September 1, Vibrant Salon Company issued a 60-day note with a face amount of $61, 200 to Hotlocks Hair Products Company for merchandise inventory.

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On September 1, Vibrant Salon Company issued a 60-day note with a face amount of $61, 200 to Hotlocks Hair Products Company for merchandise inventory. Assume a 360-day year. Determine the proceeds of the note, assuming the note carries an interest rate of 7%. $_____ Determine the proceeds of the note, assuming the note is discounted at 7%. $______

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