crecit risk. If is considering the foliowing financing solution. Phang's bank issues a letter of credit on behali of Ptiang and agrees to accept Whatchamachit's draft for $118.000 due in. seven manthe. The acceptarice faie anrum discount in the money market. What is the anmuaized percontage all-in cost io Whatchamacaliet of this barkers' accoptance firancing? (NOTE Ansume a 360-day yoar.) The discount on the sale of accoptance to t (Round to the nearest cent) Calculato the net procoeds below: credit risk. It is considering the following firancing solution. Phang's bank issues a lefter of credit on bohalf of Phang and agrees to accopt Whatcharhacautits altalt for 5116 Co0 dive in seren monthe The sabetarce fos would cost Whatchamacalit $525, plus reduce Phang's avalable credit line by $118.000. The bankors' acoeplacke nole of $11 is 000 would be achd at a 21 the per 360-day yoar.) Calculate the net proceods below: The annualized percentage all-in cost (AlC) is \%. (Round to three decimal places.)