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Finance Assignment | Professional Writing

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May 28th, 2020

Bill Blank signed an $8,690 note at Citizen’s Bank. Citizen’s charges a 7.40% discount rate. Assume the loan is for 270 days.

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a. Find the proceeds. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.)

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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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