ABC Company has been factoring its entire accounts receivable for the past $5$ years. The factor charges a fee of $1\mathrm{.}5\%$ on the volume of receivables purchased and will lend up to $70\%$ of the volume of receivables purchased for an additional $1\mathrm{.}25\%$ per month. The firm typically has sales of $$700,000$ per month, $80\%$ of which are on credit. By using the factor, two savings would be effected:

$$3,000$ per month that would be required to support a credit department

A bad$-$debt expense of $1\%$ on credit sales

The firm's bank has recently offered to lend the firm up to $80\%$ of the average level of receivables. The bank would charge $9\%$ per annum interest plus a $1\%$ monthly processing charge per dollar of receivables lending. The firm extends terms of "net $60,"$ and all customers who pay their bills do so by the $60$th day. The firm borrows, on the average, $$200,000$ per month on its receivables.

What is the total monthly cost to the company if it accepts the bank's offer in handling account receivables?