Proceeds from Notes Payable

On January $26,$ Nova Co$.$ borrowed cash from Conrad Bank by issuing a $120-$day note with a face amount of $$60,000.$ Assume a $360$ day year.

a$.$ Determine the proceeds of the note, assuming the note carries an interest rate of $10\%.$ $

b$.$ Determine the proceeds of the note, assuming the note is discounted at $10\%.$

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