(Answered) Finance written question 350-400 words please read

Finance

Finance written question 350-400 words. Please read carefully to answer with clear key concept and examine, assess, evaluate, and/or analyze. Provided a clear and well-developed response to the question:

Worthington, Inc. is planning to issue $7,500,00 in 120-day maturity notes carrying a rate of 11 percent per year. Worthington's commercial paper will be placed at a cost of $35,000. What is the effective cost of credit to Worthington?

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