Question: Paul and Sandy Moede signed an $8,650 note at Citizen's Bank. Citizen's charges a 5.4% discount rate. Assume the loan is for 270 days.

Paul and Sandy Moede signed an $8,650 note at Citizen's Bank. Citizen's charges a 5.4% discount rate. Assume the loan is for 270 days. a. Find the proceeds. Note: Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent. Proceeds 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. Effective rate %

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