If purchase of 10.4 million of material(net of discount) on term of 2/10, net 60, and it is currently pays after 10 days and takes the discounts. The company plans to expand, which will require additional financing. If the company decides to forgo discounts, how much additional credit could it obtain? (need not answer this part, it is a previous separate question)

Based on the above information( answer for question below)

What is the nominal and effective cost of such a credit? Nomical cost _____%, effective cost______%