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Answer (D) is correct . Payments should be made within the discount periods if the cost of not taking discounts exceeds the firm’s cost of capital. For example, failing to take a discount when terms are 2/10, net 30 means that the firm is paying an effective annual interest rate exceeding 36%. Thus, the cost of not taking a discount is usually higher than the cost of a bank loan.

Answer (A) is incorrect because The cost of not taking a discount when terms are 2/10, net 30 exceeds 36% annually, which is higher than the prime rate has ever been.
Answer (B) is incorrect because The buyer is paying the amount of discount not taken in exchange for the extra 45 days of credit.
Answer (C) is incorrect because Paying 2% for 20 days of credit is more expensive than paying 2% for 50 days of the same amount of credit.