Roland Clark has a simple discount note for $6,500, at an ordinary bank discount rate of 8 74 , for 60 days What is the effective interest rate Round to the nearest tenth of a percent ...

Find the bank discount I PRT I 650000874 60 360 I 9468 Proceeds ...

Roland Clark has a simple discount note for $6,500, at an ordinary bank discount rate of 8.74%,

Question:

Roland Clark has a simple discount note for $6,500, at an ordinary bank of 8.74%, for 60 days. What is the effective interest rate? Round to the nearest tenth of a percent.
Discount Rate
Depending upon the context, the discount rate has two different definitions and usages. First, the discount rate refers to the interest rate charged to the commercial banks and other financial institutions for the loans they take from the Federal...