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Proceeds from Notes Payable On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 120-day note with a face amount of $58,800.

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Proceeds from Notes Payable On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 120-day note with a face amount of $58,800. Assume a 360-day year. Required: a. Determine the proceeds of the note, assuming the note carries an interest rate of 7%. b. Determine the proceeds of the note, assuming the note is discounted at 7%

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