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On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 90-day note...

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Question

Accounting

On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 90-day note with a face amount of $96,000. Assume a 360-day year.

Required:

a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%. $________

b. Determine the proceeds of the note, assuming the note is discounted at 8%. $__________

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