Credit terms are often stated in the following manner: 1.5/10, net 30. This means that if you pay within 10 days, you can take a 1.5 percent discount on the price, else the full amount is due in 35 days. For example, if you buy $1,000 in goods, you can pay $985 within 10 days or pay $1,000 within 35 days. What is the APR and EAR on this arrangement if you do not take advantage of the discount?