Define each of the following terms: l. Stretching accounts payable; free trade credit; costly trade credit

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Commercial paper - It is an unsecured short-term debt instrument issued by large corporations to other business firms for financing the short-term receivables and also helps them in meeting the short-term financial obligations.
 
Secured loan - It is a type of short-term financing in which a borrower is required to pledge some assets as collateral for the loan. The different types of current assets that are pledged as security for short-term loans are marketable securities, equipment, account receivable, and inventory.