What is the effective annual cost of trade credit if you choose to forgo the discount and pay on day 45?, Finance/Accounting question help

Please answer this question and show your work so that I know how to complete the problem.

Question: Your supplier offers terms of 1.2/12, Net 45. What is the effective annual cost of trade credit if you choose to forgo the discount and pay on day 45?

The effective annual cost of the trade credit is ____% (Round to two decimal places.)