The Non-Market Rate Financing Impact on the APV Is

The non-market rate financing impact on the APV is:

A) calculated by Tc B because the tax shield depends only on the amount of financing.
B) calculated by subtracting the all equity NPV from the FTE NPV.
C) irrelevant because it is always less than the market financing rate.
D) calculated by the NPV of the loan using both debt rates.
E) None of the above.