On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $300,000. Assume 360 days in a year.

a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.

b. Determine the proceeds of the note, assuming the note is discounted at 6%.

Feedosck T 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.