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Find the effective rate charged by the bank use 360 days a

Bill Blank signed an $7,540 note at Citizen's Bank. Citizen's charges a formula5.mml discount rate. Assume the loan is for 270 days.

a. Find the proceeds. (Use 360 days a year. Do not round intermediate calculations. Round your 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 %

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Finance Basics: Find the effective rate charged by the bank use 360 days a

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