Lender’s yield differs from effective borrowing cost (EBC) because:
a. Lender’s yield is strictly a yield to maturity and EBC is not.
b. EBC is strictly a yield to maturity and lender’s yield is not.
c. EBC accounts for additional up-front expenses that lender’s yield does not.
d. Lender’s yield accounts for additional up-front expenses that EBC does not.
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