Proceeds from notes payable On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 90-day note with a face amount of $48,000. Assume 360 days in a year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%. 57,600 X b. Determine the proceeds of the note, assuming the note is discounted at 8%. 47,040