Textbook Problem

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.

Face	Discount			Term	Bank				Effective
Value	Rate (%)			(days)	Discount		Proceeds		Rate (%)
15. $57,500		$12\frac{3}{4}$	230			_____________		_______________		__________