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6. The B Corp. has a practice of obtaining short term loans (average of 30 days) from a financing institution which requires inventories as collateral. The financing company will lend up to 80% of the inventory value at 15% interest, plus fixed fees of P2,500 to cover warehousing and other costs. During this period, B Co. has about P500,000 in inventories. The effective annual cost of this short-term credit is (using 360 days). 18.75% 15.625% 18.00% 22.50%