Proceeds from Notes Payable

On September 1, Elegant Salon Company issued a 120-day note with a face amount of $81,600 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 9%. (81600)

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b.Determine the proceeds of the note, assuming the note is discounted at 9%. (need this solved)