Survey of American Literature

        c       Worthin" rel="nofollow">ington, Inc. is plannin" rel="nofollow">ing to issue $7,500,000 in" rel="nofollow">in 120-day maturity notes carryin" rel="nofollow">ing a rate of 11 percent per year. Worthin" rel="nofollow">ington's commercial paper will be placed at a cost of $35,000. What is the effective cost of credit to Worthin" rel="nofollow">ington?