Problem 26-08 Which of the following terms of trade credit is the more expensive? Assume there are 365 days in a year. Round your answers to one decimal place. a. A 3 percent cash discount if paid on the 15th day with bill due on the 35th day (3/15, net 35) The simple interest rate: 55.67% The compound interest rate: %% b. A 1 percent cash discount if paid on the 5th day with bill due on the 20th day (1/5, net 20) The simple interest rate: % The compound interest rate: % Select is the more expensive