velue: 416 points Bill Blank signed an S7690 note at Citizen's Bank Citizen's charges a 62 % discount rate Assume the loan is for 320 days a. Find the proceeds. (Do not round intermediate calculations. Round your answer to the nearest cent.) Principal $ 7,690| xr 006%| x 320360 406.03 Calculation of ordinary interest S 7,283.97 Simple discount note eds Maturity Value b. Find the effective rate charged by the bank. (Do not round intermediate calculations. Round your answer to the nearest tenth percent.) Efective interest rate Interest Proceeds x Time 406.03 S 7,283.97x 320/360 Effective interest rate 406.03 406.00 Effective interest rate 15 7% Hints References eBook & Resources velue: 416 points Bill Blank signed an S7690 note at Citizen's Bank Citizen's charges a 62 % discount rate Assume the loan is for 320 days a. Find the proceeds. (Do not round intermediate calculations. Round your answer to the nearest cent.) Principal $ 7,690| xr 006%| x 320360 406.03 Calculation of ordinary interest S 7,283.97 Simple discount note eds Maturity Value b. Find the effective rate charged by the bank. (Do not round intermediate calculations. Round your answer to the nearest tenth percent.) Efective interest rate Interest Proceeds x Time 406.03 S 7,283.97x 320/360 Effective interest rate 406.03 406.00 Effective interest rate 15 7% Hints References eBook & Resources