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Proceeds from Notes Payable On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $58,800.

Proceeds from Notes Payable On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $58,800. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 7%. $fill in the blank 1 b. Determine the proceeds of the note, assuming the note is discounted at 7%. $fill in the blank 2

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