Bill Blank signed an $8,900 note at Citizen’s Bank. Citizen’s charges a 3.4% discount rate. Assume the loan is for 260 days.
A. Find the proceeds. (Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent.) Proceeds $
B. Find the effective rate charged by the bank. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.) Effective rate %