Xenon Xrays (XX) recently issued 180-day commercial paper with a face value of $100,000 and a simple

Question:

Xenon Xrays (XX) recently issued 180-day commercial

paper with a face value of $100,000 and

a simple interest rate of 7 percent. XX paid a

transaction fee equal to 0.3 percent of the issue,

which was taken out of the issue amount before

the company received any funds. Compute the

commercial paper’s APR and rEAR.

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