DeSquam Inc. pledges receivables of $250 million per year to the Sharkskin Finance Company, which advances cash equal to 80% of the face value of the accounts pledged. DeSquam’s receivables are usually collected in about 36 days, so 10% of the annual amount advanced is generally outstanding at any time. (Thirty-six days is one tenth of a year, so receivables “turn over” 10 times a year.) Sharkskin charges 14% interest plus an administrative fee of 1.6% of the amount pledged. What is DeSquam’s cost of receivables financing? State the result in dollar terms and as a rate.