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Bill Blank signed an $8,690 note at Citizen’s Bank. Citizen’s charges a 7.40% discount rate. Assume...

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.

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

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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