Abc company has average accounts receivable of 8 million, Finance Basics

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Abc company has average accounts receivable of 8 million

Question: ABC company has average accounts receivable of $8 million. Its credit sales are $48 million a year. To finance its receivable, it factors these receivables by discounting them 2%.

What's the effective rate of interest it pays on these receivable?

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Finance Basics: Abc company has average accounts receivable of 8 million

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Finance Basics: Abc company has average accounts receivable of 8 million

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