16. Commercial paper is issued by the most credit worthy companies and is:

a. a standing arrangement in which a lender agrees to make available a specified amount of funds upon the borrowers request.

b. an arrangement in which a lender agrees to make funds available on demand and on a continuing basis.

c. a short-term security, or note, containing a borrowers promise to pay.

d. a trade draft that has been signed by the buyer.

e. a form of trade credit in which buyers sign promise-to-pay agreements before merchandise is shipped.