Question: Which of these is not a true statement about simple interest notes and simple discount notes? Multiple choice question. The effective rate for a simple discount note is higher than the stated rate because the bank calculated the rate on the face value of the note. In the simple discount note, interest is deducted in advance, so the proceeds are less than the face value. The effective rate of interest and the note's rate of interest will always be the same. The maturity value of the simple discount note is the same as the face value.