Find the effective rate charged by the bank do not round, Finance Basics

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Find the effective rate charged by the bank do not round

Question: Bill Blank signed an $8,900 note at Citizen's Bank. Citizen's charges a 16/5% discount rate. Assume the loan is for 280 days.

a. Find the proceeds. (Do not round intermediate calculations. Round your answer to the nearest cent.)

b. Find the effective rate charged by the bank. (Do not round intermediate calculations. Round your answer to the nearest tenth percent.)

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Finance Basics: Find the effective rate charged by the bank do not round

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