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Evaluating Alternative Notes
A borrower has two alternatives for a loan: (1) issue a $660,000, 90-day, 9% note or (2) issue a $660,000, 90-day note that the creditor discounts at 9%. Assume a 360-day year.
a. Calculate the amount of the interest expense for each option.
$ for each alternative.
b. Determine the proceeds received by the borrower in each situation.
(1) $660,000, 90-day, 9% simple-interest ______________$
(2) $660,000, 90-day note discounted at 9% ____________$
Camden Metal Co. makes a single product that sells for $84,000 per unit. Variable costs are $54.00 per unit, and fixed costs total $120,000 per month.
The yield to maturity on the company's outstanding bonds is 9 percent, and its tax rate is 40 percent. Percy's CEO estimates that the company's WACC is 9.96 percent. What is Percy's cost of common equity?
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