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Walters Manufacturing Company has been approached by a commercial paper dealer offering to sell an issue of commercial paper for the firm. The dealer indicates that Walters could sell a $5 million issue maturing in 182 days at an interest rate of 6% per annum (deducted in advance). The fee to the dealer for selling the issue would be $8,000. Determine Walter's annual financing cost of this commercial paper financing. Can someone please show me how to figure this; I would greatly appreciate it. THANKS!!!!
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