LOUILL00-1, 0-2 Harper Engine Company needs $647,000 to take a cash discount of 2.50/15, net 120. A banker will loan the money for 105 days at an interest cost of $12,500. 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 120 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