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What is the amount of cash received by cpa

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On October 1, the company factored 6,000,000 of accounts receivable to CFA company which has a net realizable value of P5,800,000. Control was surrendered by CPA. CFA accepted the receivables subject to recourse for non-payment. CPA assessed a fee of 3% and retains a holdback equal to 5% of the gross accounts receivable. In addition, CPA charged 15% interest computed on a weighted - average time to maturity of the receivables of 54 days.

Required:

Problem I. What is the amount of cash received by CPA?

Problem II. What is the total cost of factoring?

Reference no: EM132791669

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