Question: Show work & explain, please, so I can understand how to do this. Mahrouq Technologies buys $17,044,077 of materials (net of discounts) on terms of

Show work & explain, please, so I can understand how to do this.

Mahrouq Technologies buys $17,044,077 of materials (net of discounts) on terms of 2/30, net 60, and it currently pays within 30 days and takes discounts. Mahrouq plans to expand, and this will require additional financing. If Mahrouq decides to forego discounts and thus to obtain additional credit from its suppliers, calculate the nominal cost of that credit.

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