Paul Stetson is offered credit terms of 3/10 net 40 by his suppliers. Paul, however, usually pays in 35 days. He is now considering borrowing money from his bank in order to take advantage of the cash discount being offered. His bank is willing to lend him $30,000 for 180 days by way of a discounted loan with an interest cost

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Q: Thank you! I have a follow-up question, how much will the loan cost him?

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