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Paul and Sandy Moede signed an $8,600 note at Citizens Bank. Citizens charges a 4.5%...

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Accounting

Paul and Sandy Moede signed an $8,600 note at Citizens Bank. Citizens charges a 4.5% discount rate. Assume the loan is for 290 days. a. Find the proceeds. (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. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest tenth percent.)

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