On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 120-day note with a face amount of $39,600. 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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On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 120-day note with a face amount of...
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