Paul and Sandy Moede signed an $7,200 note at Citizen's Bank Citizen's charges a 2.5% discount rate. Assume the loan is for 320 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.) Effective rate