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Proceeds from Notes Payable On January 2 6 , Nyree Co . borrowed cash from Conrad Bank by issuing a 4 5 - day note

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Proceeds from Notes Payable
On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $225,000. Assume a 360-day year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%.
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