Proceeds from Notes Payable On January 26, Elegant Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $86,400 Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%. 84,456 X b. Determine the proceeds of the note, assuming the note is discounted at 8%. 82,800 X