Proceeds from Notes Payable On September 1, Vibrant Salon Company issued a 120-day note with a face amount of $58,800 to Hotlocks 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 7%. $fill in the blank 1 b. Determine the proceeds of the note, assuming the note is discounted at 7%. $fill in the blank 2