What is the rear of the least expensive type of credit

What is the rear of the least expensive type of credit

What is the rear of the least expensive type of credit

The Proctor Company must arrange $235,000 financing for its working capital
requirements for the coming year. Proctor can (a) borrow from its bank on a
simple interest basis (interest payable at the end of the loan) for one year
at 7.8 percent simple rate, (b) borrow on a three-month, renewable loan at a
7.6 percent simple interest rate, or (c) borrow on an instalment loan basis at
6.0 percent add-on rate with 12 end-of-month payments. What is the rEAR of the
least expensive type of credit?