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What is the effective annual interest rate on the factoring

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Reference no: EM132600576

Question 1: A firm has $800,000 in receivables which it sells to a factor at a 2% discount. The average collection period is one month. What is the effective annual interest rate on the factoring arrangement?

Option 1: 24.00%

Option 2: 24.49%

Option 3: 26.82%

Option 4: 27.44%

Reference no: EM132600576

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