Regis Clothiers can borrow from its bank at $16$ percent to take a cash discount. The terms of the cash discount are $2/16,$ net $9.$

Compute the cost of not taking the cash discount.

Note: Use a $360-$day year. Round your intermediate calculations to $2$ decimal places. Input your final answer as a percent rounded to $2$ decimal places.

Should the firm borrow the funds?

multiple choice

Yes

No