Carborundum metals issues commercial paper with a face, Financial Management

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Carborundum metals issues commercial paper with a face

Carborundum Metals issues commercial paper with a face value of $1,000,000 and a maturity of three months. Carborundum receives net proceeds of $992,000 when it sells the paper. If the prime rate is 8% APR compounded quarterly, how much savings in interest did Carborundum realize by accessing the commercial paper market?

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Financial Management: Carborundum metals issues commercial paper with a face

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