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A company is thinking of borrowing money at 17% annual interest rate in order to pay a $30,000 invoice within the discount period. The invoice

A company is thinking of borrowing money at 17% annual interest rate in order to pay a $30,000 invoice within the discount period. The invoice terms are 2/10, n/30. Determine the percentage net saving if it borrows the money at 17% annual interest rate. In other words, what is the percentage difference between the 17% annual interest rate on the money borrowed and the annual interest rate associated with the invoice terms of 2/10, n/30?

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