Bill Blank signed an $8,000 note at Citizens Bank. Citizens charges a 6.50% discount rate. Assume the loan is for 300 days.

a. Find the proceeds. (Use 360 days a year. Round your intermediate calculations and final answer to the nearest cent.)

Proceeds $

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.)

Effective rate %