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Spool Corporation had a revolving credit agreement with its bank for $500,000 for the year at an interest rate of 12% per annum. It availed

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Spool Corporation had a revolving credit agreement with its bank for $500,000 for the year at an interest rate of 12% per annum. It availed of a loan of $370,000 for the year. There is a commitment fee of 2%. What is the effective cost of borrowing for Spool Corporation

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