Paul and Sandy Moede signed an $8,000 note at Citizen’s Bank. Citizen’s charges a 6.50% discount rate. Assume the loan is for 300 days.
Find the proceeds. (Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent.)
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.)