Proceeds from Notes Payable

On January $26,$ Elegant Co$.$ borrowed cash from Conrad Bank by issuing a $120-$day note with a face amount of $$58,800.$ Assume a $360-$day year.

a$.$ Determine the proceeds of the note, assuming the note carries an interest rate of $9\%.$

b$.$ Determine the proceeds of the note, assuming the note is discounted at $9\%.$