Harper Engine Company needs $687,000 to take a cash discount of 1.50/15, net 70. A banker will loan the money for 55 days at an interest cost of $20,800. a. What is the effective rate on the bank loan? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) Effective rate of interest b. How much would it cost (in percentage terms) if Harper did not take the cash discount but paid the bill in 70 days instead of 15 days? (Use a 360-day year. Do not round intermediate calculations. Input your answer as a percent rounded to 2 decimal places) % Cost of not taking a cash discount