Wayne Night signed a $10,000 note at Lynn Bank that charges a 7% discount rate. Use ordinary interest. If the loan is for 150 days, find:
A. $9,708.33;
A. Proceeds
B. 7.2%
B. Effective rate charges by the bank (to the nearest tenth percent)

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The Answer of Wayne Night signed a $10,000 note at Lynn Bank that charges a 7% discount rate. Use ordinary interest. If the loan is for 150 days, find:
A. $9,708.33;
A. Proceeds
B. 7.2%
B. Effective rate charges by the bank (to the nearest tenth percent)

Wayne Night Signed a $10,000 Note at Lynn Bank That