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9514 1404 393

  a) interest: $215.33

  b) proceeds: $3584.67

  c) effective rate: 9.01%

Step-by-step explanation:

a) The problem statement tells you the loan was discounted 8.5%. The amount of interest paid is ...

  I = Prt

  I = $3800·0.085·8/12 ≈ $215.33

__

b) The proceeds of the loan are ...

  $3800 -215.33 = $3584.67

__

c) The actual rate is found using the same formula as above, solving for r:

  r = I/(Pt) = $215.33/($3584.67·2/3) ≈ 0.0901 = 9.01%

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step-by-step explanatio89

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step-by-step explanation: