Proceeds from Notes Payable

On September 1, Nova Salon Company issued a 60-day note with a face amount of $85,200 to Hamlet Hair Products Company for merchandise inventory. Assume a 360-day year.

a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. $fill in the blank 1

b. Determine the proceeds of the note, assuming the note is discounted at 6%. $fill in the blank 2