Problem 8-2 Cash discount decision (LO8-1) Regis Clothiers can borrow from its bank at 14 percent to take a cash discount. The terms of the cash discount are 2/16, net 30. points a. Compute the cost of not taking the cash discount. (Use a 360-day year. Do not round intermediate calculations. Input your final answer as a percent rounded to 2 decimal places.) Cost of not taking a cash discount 1% eBook Hint b. Should the firm borrow the funds? References Yes O No