Based on a need to borrow 2$ million for one month, which of the following alternatives has the least expensive effective annual cost?
1. A banker's acceptance with an all-inclusive annual rate of 6.1%
2. A credit line at 6% annually with a 0.5% annual commitment fee
3. commercial paper at 5.9% annually with a dealer's commission of 3000$(or 0.15%) and a backup line cost of 4000$ (0.20%)
