$18\mathrm{.}7($Calculating the cost of trade credit$)($Related to Checkpoint $18\mathrm{.}2$ on page $621)$ Your business has an estimated working capital requirement ranging from $45,000$ to $75,000.$ You are planning to obtain short$-$term working capital finance for $180$ days. You have contacted a few banks and they have made following offers $($assuming a $365-$day calculation basis$)$:

a$.$ A short$-$term loan of $75,000,$ which is repayable in $180$ days based on annual interest payment of $12$ percent.

b$.$ An overdraft limit of $100,000$ for a $12-$month period at a rate of $10$ percent, but with an upfront fee of $500.$

Which of the above opti

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