What is the dollar cost of the factoring service

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Reference no: EM131910952

A firm sells $123,500 of its accounts receivable to factors at a 1 percent discount. The firm’s average collection period is one month. What is the dollar cost of the factoring service? (Round answer to nearest whole dollar, e.g. 5,275.)

The dollar cost of the factoring service fee is $ _____________

Reference no: EM131910952

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