McEwan Industries sells on terms of 3/10, net 30. Total sales for the year are $1,741,500; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average 58 days after their purchase. Assume 365 days in the year for your calculations.

C. what is the percentage cost of trade credit to customers who take the discount? Round your answer to two decimal places

What is the percentage cost of trade credit to customers who do not take the discount and pay in 58 days? Round your answers to two decimal places.

Nominal cost:

Effective Cost: