Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $51,600. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. 38,700 X b. Determine the proceeds of the note, assuming the note is discounted at 6%. 50,826