(Answered) Worthington inc is planning to issue 7500000 in 120-day

Management Studies

Worthington, Inc. is planning to issue $7,500,000 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?

Essay of 350-500 words. (Introduction, body and conclusion)

Professor notes: Your solution is close but incorrect. Please review Effective Costs of Short Term Credit and Costs of Credit in your textbook.

Make sure that you are looking at NET proceeds from note correctly.

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