word Onl... * Technical Hoof Tr. Master Hoof Care Show Me How Calculator History 2.docx eBook Evaluating Alternative Notes A borrower has two alternatives for a loan: (1) issue a $540,000, 120-day, 9% note or (2) issue a $540,000, 120-day note that the creditor discounts at 9%. Assume a 360-day year a. Calculate the amount of the Interest expense for each option for each alternative. b. Determine the proceeds received by the borrower in each situation (1) $540,000, 120-day, 9% simple interest (2) $540,000, 120-day note discounted at 9% c. Alternative is more favorable to the borrower since the effective interest rate on alternative 1 is alternative 2 is and the effective rate on