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The Jazz Company has a revolving line of credit of P300,000 with a 1-year maturity. The terms call for a 6% interest rate and a

The Jazz Company has a revolving line of credit of P300,000 with a 1-year maturity. The terms call for a 6% interest rate and a 1/2% commitment fee on the unused portion of the line of credit. The average loan balance during the year was P100,000. The annual cost of this financing arrangement is

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