Regis Clothiers can borrow from its bank at 11 percent to take a cash discount. The terms of the cash discount are 2/15, net 60. Should the firm borrow the funds? Simmons Corp. can borrow from its bank at 12 percent to take a cash discount. The terms of the cash discount are 1.5/10, net 60. Should the firm borrow the funds? Your bank will lend you $2,000 for 45 days at a cost of $25 interest. What is your effective rate of interest? A pawn shop will lend $100 for 10 days at a cost of $5 interest. What is the effective rate of interest? Sol Pine is going to borrow $3,000 for one year at 8 percent interest. What is the effective rate of interest if the loan is discounted? Mary Ott is going to borrow $5,000 for 90 days and pay $140 interest. What is the effective rate of interest if the loan is discounted? Dr. Ruth is going to borrow $5,000 to help write a book. The loan is for one year and the money can either be borrowed at the prime rate or the LIBOR rate.Assume the prime rate is 6 percent and LIBOR 1.5 percent less. Also added to the interest cost with LIBOR)