Effective Cost of Short$-$Term Credit

Yonge Corporation must arrange financing for its working capital requirements for the coming year. Yonge can: $($a$)$ borrow from its bank on a simple interest basis $($interest payable at the end of the loan$)$ for $1$ year at a $13\%$ nominal rate; $($b$)$ borrow on a $3-$month, but renewable, loan basis at an $11\mathrm{.}4\%$ nominal rate; $($c$)$ borrow on an installment loan basis at a $7\%$ add$-$on rate with $12$ end$-$of$-$month payments, assuming you borrowed $$100$; $($d$)$ obtain the needed funds by no longer taking discounts and thus increasing its accounts payable. Yonge buys on terms of $\frac{1}{15},$ net $60.$ What is the effective annual cost $($not the nominal cost$)$ of each type of credit, assuming $360$ days per year? Do not round intermediate calculations. Round your answers to two decimal places.

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