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7 ) Blank Space Whiteboard company is trying to decide whether to take out a short loan so that it can take advantage of a

7) Blank Space Whiteboard company is trying to decide whether to take out a short loan so that it can take advantage of a cash discount. The cash discount is being offered on 3/15 net 45 terms for a principal amount of $475,000. What is the cost of failing to take this cash discount? If the interest charged on the loan is $8,500, what is the effective rate?

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