Proceeds from notes payable

On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount of $93,600. Assume 360 days in a year.

a. Determine the proceeds of the note, assuming the note carries an interest rate of 9%. fill in the blank 1 of 2$

b. Determine the proceeds of the note, assuming the note is discounted at 9%. fill in the blank 2 of 2$