9A

9B

Calculate the bank discount and proceeds for the following simple discount note. Use the ordinary interest method, 360 days, when applicable. Round your answers to the nearest cent. Face Value Discount Rate (%) Term Bank Discount Proceeds $32,000 10.45 8 months Mike Drago took out a loan for $3,500 at the Gold Coast Bank for 45 days. If the bank uses the ordinary interest method, what rate of interest was charged if the amount of interest was $268? Round your answer to the nearest tenth of a percent. Do not enter the percent symbol in your answer. Do not round intermediate calculations