Devon Brown is offered credit terms of 3/10 net 60 by his suppliers. Devon however usually pays in 50 days. He is now considering borrowing money from his bank in order to take advantage of the cash discount being offered. His bank is willing to lend him $60,000 for 90 days by way of a discounted loan with an interest cost of $3,000. (Note: Use 4 decimal places for your calculations)

Required: Advise Devon Brown on what he should do, giving your reason.

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