Which of the following statements is not true with regard to Commercial paper?

Question:Which of the following statements is not true with regard to Commercial paper?

1.Is a long-term unsecured promissory note with a fixed maturity period.

2.It usually has a maturity period of 15 days to one year.

3.It is sold at a discount and redeemed at par.

4.Companies use this instrument for bridge financing.


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