On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 120-day note with a face amount of $36,000. Assume a 360-day year. Required: a. Determine the proceeds of the note, assuming the note carries an interest rate of 9%. $ b. Determine the proceeds of the note, assuming the note is discounted at 9%. $
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Home » Business » On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 120-day note with a face amount of $36,000. Assume a 360-day year. Required: a. Determine the proceeds of the note, assuming the note carries an interest rate of 9%. $ b.