P16-4 (similar to) Early payment discount versus loan Joanne Germano works in an accounts payable department of a major retailer. She has attempted to convince her boss to take the discount on the 3/15 net 30 credit terms most suppliers offer, but her boss argues that giving up the 3% discount is less costly than a short-term loan at 10% Prove to whoever is wrong that the other is correct. (Note. Assume a 365-day year) The cost of giving up the cash discount is % (Round to two decimal places.)