You are asked to select one of the following choices as the best offer for borrowing $1,000,000 for one month. A banker’

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answerhappygod
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You are asked to select one of the following choices as the best offer for borrowing $1,000,000 for one month. A banker’

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You are asked to select one of the following choices as the best
offer for borrowing $1,000,000 for one month.
A banker’s acceptance at 7%, an all-inclusive rate. Compute the
effective cost of short-term borrowing.
7.5%
6.5%
8.5%
8.0%
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