Western Wholesalers is evaluating the following three independent short-term financing arrangements. What is the effective annual cost (%) for each financing alternative? a. A 30 day loan secured against receivables from Pacific Financing Co. with the following terms: (3 marks) Receivables value is $2,500,000 The financing company will lend up to 80% of the receivables value . 0.25% processing fee (every 30 days) based on the total receivables value Loan rate is 7.5% annually. b. A 90 day inventory loan from Commercial Bank of Ontario with the following terms: (3 marks) Inventory value is $2.666,667 Loan will be 75% of collateral value Prime rate is 4% annually Field warehouse loan fee of $60 per day Loan rate is 2% over prime