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Paul and Sandy Moede signed an $ 8 , 6 9 0 note at Citizen s Bank. Citizen s charges a 7 . 4 %

Paul and Sandy Moede signed an $

8, 690

note at Citizen

s Bank. Citizen

s charges a

7.4 %

discount rate. Assume the loan is for

270

day.

What is the proceeds

find the effective rate charged by the bank

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