Question: Bill Blank signed an $ 7 , 2 0 0 note at Citizen s Bank. Citizen s charges a 2 . 5 0 % discount

Bill Blank signed an $7,200 note at Citizens Bank. Citizens charges a 2.50% discount rate. Assume the loan is for 320 days.
a. Find the proceeds. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.)
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.)

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