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On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 120-day note...

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Accounting

On January 26, Nova Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount of $66,000. Assume a 360-day year.

a. Determine the proceeds of the note, assuming the note carries an interest rate of 7%. $

b. Determine the proceeds of the note, assuming the note is discounted at 7%. $

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