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William Jones is evaluating a means of borrowing P1,000,000 for one month: Drawing down a line of credit at 7.2% with a 0.5% commitment fee

William Jones is evaluating a means of borrowing P1,000,000 for one month:

Drawing down a line of credit at 7.2% with a 0.5% commitment fee on the full amount with no compensating balance.

Compute for the cost of credit.

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