Proceeds from Notes Payable On September 1, Nova Salon Company issued a 60-day note with a face amount of $57,600 to Delilah 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 10%. b. Determine the proceeds of the note, assuming the note is discounted at 10%. Feedback Check My Work The proceeds equal the cash initially received. Proceeds represents how much in value the borrower is walking away with in cash or merchandise Learning Objective 1