13. Assume the following facts about a rm that borrows by pledging its receivables: Sales on credit P3,600,000 Average A/ R Balance P60,000 Administrative fee charged on all new receivables 1.5% Interest rate on outstanding loans 11.5% Percent of receivables accepted 75% What is the effective cost of nancing stated as an annual rate? a. 23.5% c. 13.5% b. 13% d. 16.83%