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 $\frac{3}{15}$ 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? Should Blank Space take the

loan to get the cash discount?