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The owner of Lease.com signed a $60,000 note at Reese Bank. Reese charges a 74% discount rate. If the loan is for 210 days, a.

The owner of Lease.com signed a $60,000 note at Reese Bank. Reese charges a 74% discount rate. If the loan is for 210 days, a. Calculate the proceeds. (Round your answer to the nearest cent.) Answer is complete but not entirely correct. Loan proceeds amount $ 57,463.00 b. Calculate the effective rate charged by the bank. (Round your answer to the nearest tenth percent.) Answer is complete and correct. Effective rate charge 7.6 %

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