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Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $74,400.

Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $74,400. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 7%. x b. Determine the proceeds of the note, assuming the note is discounted at 7%

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