3. Problem 13.03 (Coat of Trade credit and Bank Loan) Problem Walkthrough Lancaster Lumber buys 8 million of material (ret of discounts) on terms of 2/5.70, and it rely pays on the day and takes discounts. Lance top, which wiedninancing. Asume 165 days in var for your con Lancaster decides to forgo dicunt, how much additional credit could It obtain Write out your answer completely. For example, wo should be entered as 5.000.000. Do not found in detection Round your answer to the nearest ont What would be the nominal cost of that credit? Do not found intermediate caution. Round your swer to two decimal places What would be the effective cost of that credit? Do not round Intermediate calculations. Round your answer to two decimal place of the company could get the funds from a Dank at a rate of 85, Interest paid monthly, based on a 365-day year, what would be the effective cost of the bank on? Do not round Intermediate cons. Round your one The imala Shoue Lancaster se Bank bit or additional trade credit? Grade it Now Save & Continue Continue without saving