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 $93,600. Ama a 360-day veut. 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%. Feedback Chede My Wort The proceeds equal the cash initially received. Proceeds represents how much in value the borrower is walking away with in cash or merchandise