Lyman Nurseries purchased seeds costing $38,000 with terms of 3/15 net 45 EOM on January 12. How much will the firm pay if it takes the cash discount? What is the approximate cost of giving up the cash discount,using the simplified formula?

The amount the firm will pay if it takes the cash discount is $_____ (Round to the nearest dollar.)

The approximate cost of giving up the cash discount, using the simplified formula, is _______%. (Round to two decimal places.)