First I need annual interest rate and second is a yes or no question.

Question 3 of 3 071 View Policies Show Attempt History Current Attempt in Progress Novak Ltd's main supplier offers it credit terms of 1/15, n/40 on its purchases. Because cash flow is tight for Novak, the company's CFO is trying to determine what the annual interest rate would be if the company passes up this discount and pays at the end of the 40-day credit period instead. (Round answer to 2 decimal places, e.g. 15.25.) Annual interest rate % Also, if Novak can access a short-term loan with interest of 8%, which would provide it with the funds to take advantage of the purchase discount, should it do so? e Textbook and Media Save for Later Attempts: 1 of 3 used Submit