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What is effective cost of financing stated as annual rate

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Question - Assume the following facts about a firm that borrows by pledging its receivables Average balance of accounts receivable. $60,000 Annual receivables turnover. 6x Administrative fee charged on all new receivables. 1.25% Interest rate on outstanding loans 15% Percent of receivables accepted 80%. What is the effective cost of financing stated as an annual rate?

Reference no: EM133177485

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