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On August 1, 2010, Columbo Co. treasurer signed a note promising to pay $120,600 on December 31,… 1 answer below » On August 1, 2010, Columbo Co. treasurer signed a note promising to pay $120,600 on December 31, 2010. The proceeds of the note were $114,600. Calculate the discount rate used by the lender. (Round your answer to 1 decimal place.) Calculate the effective interest rate (APR) on the loan. (Round your answer to 1 decimal place.) Jul 28 2015 10:57 AM