Question: Paul and Sandy Moede signed an $ 8 , 9 0 0 note at Citizen's Bank. Citizen's charges a 3 . 2 % discount rate.

Paul and Sandy Moede signed an $8,900 note at Citizen's Bank. Citizen's charges a 3.2% discount rate. Assume the loan is for 280
days.
a. Find the proceeds.
Note: Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent.
b. 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.
Paul and Sandy Moede signed an $8,900 note at Citizen's Bank.

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