Paul and Sandy Moede signed an $$8,600$ note at Citizen$$s Bank. Citizen$$s charges a $4\mathrm{.}5\%$ discount rate. Assume the loan is for $290$ days.

Find the proceeds.

Note: Use $360$ days a year. Round your intermediate calculations and final answer to the nearest cent. Find the effective rate charged by the bank.

Note: Use $360$ days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.