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Problem 8-24 Bank loan to take cash discount (LO8-1, 8-2] Neveready Flashlights Inc, needs $351,000 to take a cash discount of 3/18, net 75. A banker will loan the money for 57 days at an interest cost of $12.200 .. What is the effective rate on the bank loan? (Use o 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 of the firm did not take the cash discount but paid the bill in 75 days instead of 18 days? (Use a 360-day year. Do not found intermediate calculations. Input your answer as a percent rounded to 2 decimal places.) Cost of not taking a cash discount c. Should the firm borrow the money to take the discount? No Yes d. If the banker requires a 20 percent compensating balance, how much must the firm borrow to end up with the $351,000? Amount to be borrowed e-1. What would be the effective interest rate in part dif the interest charge for 57 days were $7.200? (Use a 360-day year . Do not round intermediate calculations. Input your answer os a percent rounded to 2 decimal places.) 1 Effective rate of interest