Save & Ext Submit Check my work Help 9 Problem 8-24 Bank loan to take cash discount [LO8-1, 8-2] Neveready Flashlights Inc. needs $300,000 to take a cash discount of 3/16, net 77 A banker will loan the money for 61 days at an interest cost of $14,900. a. What is the effective rate on the bank loan? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) n Effective rate of interest 29.31 % int ences b. How much would it cost in percentage terms) if the firm did not take the cash discount but paid the bill in 77 days instead of 16 days? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places) 10.25% Cost of not taking a cash discount 9 of 10 Next > Check my work IM B YWING