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What is the cost of factoring the accounts receivable

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Zeus Company factored P6,000,000 of accounts receivable to a finance entity at the beginning of current year. Control was  surrendered by Zeus Company. The factor assessed a fee of 3% and retained a holdback equal to 5% of the accounts receivable. In addition, the factor charged 15% interest computed on a weighted average time to maturity of the accounts receivable of

Problem 1: If all accounts are collected, what is the cost of factoring the accounts receivable?

Reference no: EM132809903

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