Neveready Flashlights Inc. needs $324,000 to take a cash discount of 2/15, net 73. A banker will loan the money for 58 days at an interest cost of $11,100, a. What is the effective rate on the bank loan? b. How much would it cost (in percentage terms) if the firm did not take the cash discount but paid the bill in 73 days instead of 15 days?
