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Determine the proceeds of the note assuming the note

Question - 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%.

b. Determine the proceeds of the note, assuming the note is discounted at 9%.

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Accounting Basics: Determine the proceeds of the note assuming the note

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