At December 31,	2020					2019
	EFFECTIVE					EFFECTIVE
	RATE			BORROWINGS		RATE			BORROWINGS
Commercial paper		.4	%	$	3,113.5		1.5	%	$	3,797.2
Bank loans		5.9	%		230.9		7.1	%		313.0
					3,344.4					4,110.2
Term notes		1.7	%		7,508.9		1.9	%		7,112.5
		1.4	%	$	10,853.3		1.9	%	$	11,222.7

Commercial paper and term notes borrowings were $10,622.4 and $10,909.7 at December 31, 2020 and 2019, respectively. Unamortized debt issuance costs, unamortized discounts and the net effect of fair value hedges were $(12.7) and $(20.5) at December 31, 2020 and 2019, respectively. The effective rate is the weighted average rate as of December 31, 2020 and 2019 and includes the effects of interest-rate contracts.

	COMMERCIAL		BANK		TERM
Beginning January 1,	PAPER		LOANS		NOTES		TOTAL
2021	$	3,114.2	$	40.1	$	2,241.7	$	5,396.0
2022				121.6		2,231.9		2,353.5
2023				19.0		2,231.9		2,250.9
2024				25.1		415.4		440.5
2025				25.1		400.0		425.1
	$	3,114.2	$	230.9	$	7,520.9	$	10,866.0

Interest paid on borrowings was $164.5, $203.8 and $166.5 in 2020, 2019 and 2018, respectively.

The primary sources of borrowings in the capital markets are commercial paper and medium-term notes issued in the public markets, and to a lesser extent, bank loans. The medium-term notes are issued by PACCAR Financial Corp. (PFC), PACCAR Financial Europe, PACCAR Financial Mexico and PACCAR Financial Pty. Ltd. (PFPL).

In November 2018, the Company’s U.S. finance subsidiary, PFC, filed a shelf registration under the Securities Act of 1933. The total amount of medium-term notes outstanding for PFC as of December 31, 2020 was $6,000.0. In February 2021, PFC issued $400.0 of medium-term notes under this registration. The registration expires in November 2021 and does not limit the principal amount of debt securities that may be issued during that period.

As of December 31, 2020, the Company’s European finance subsidiary, PACCAR Financial Europe, had €1,600.0 available for issuance under a €2,500.0 medium-term note program listed on the Euro MTF Market of the Luxembourg Stock Exchange. This program replaced an expiring program in the second quarter of 2020 and is renewable annually through the filing of a new listing.

In April 2016, PACCAR Financial Mexico registered a 10,000.0 pesos medium-term note and commercial paper program with the Comision Nacional Bancaria y de Valores. The registration expires in April 2021 and limits the amount of commercial paper (up to one year) to 5,000.0 pesos. At December 31, 2020, 6,842.7 pesos remained available for issuance.

In August 2018, the Company’s Australian subsidiary, PACCAR Financial Pty. Ltd. (PFPL), registered a medium-term note program. The program does not limit the principal amount of debt securities that may be issued under the program. The total amount of medium-term notes outstanding for PFPL as of December 31, 2020 was 450.0 Australian dollars.

The Company has line of credit arrangements of $3,523.1, of which $3,292.2 were unused at December 31, 2020. Included in these arrangements are $3,000.0 of committed bank facilities, of which $1,000.0 expires in June 2021, $1,000.0 expires in June 2023 and $1,000.0 expires in June 2024. The Company intends to replace these credit facilities on or before expiration with facilities of similar amounts and duration. These credit facilities are maintained primarily to provide backup liquidity for commercial paper borrowings and maturing medium-term notes. There were no borrowings under the committed bank facilities for the year ended December 31, 2020.