Solved: Simple annual interest cost of factors loan, Finance Basics

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Simple annual interest cost of factors loan

Zenex, Inc., sells $250,000 of its accounts receivable to factors at a 3 percent discount. The firm's average collection period is 90 days. What is the dollar cost of the factoring service? What is the simple annual interest cost of the factors loan?

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Finance Basics: Simple annual interest cost of factors loan

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