Using ordinary interest (360 days), calculate the bank discount, proceeds, and effective rate for the following simple discount notes. Round effective rate to the nearest hundredth of a percent.
22.  $22,500 

60 
To calculate: The amount of bank discount, proceeds value and effective rate of discount where face value is
Given Information:
Face value is
Formula used:
The formula to compute the amount of bank discount is,
The formula to calculate the amount of proceeds is,
The formula to calculate the effective rate of discount is,
Calculation:
Consider that the face value of the loan is
Simplify the discount rate as
Evaluate the time as
Substitute
Hence, the amount of discount is
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