On September 1, Elegant Salon Company issued a 60-day note with a face amount of
$56,400
to Osborne 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
8%
.
$
b. Determine the proceeds of the note, assuming the note is discounted at
8%
.
$