Company X factors $320,000 of its receivables on a with recourse basis. The bank assesses a charge of 2% of receivables and retains 2.5% of receivables. The company received $298,000 in cash and recorded a loss on sale worth $15,000. What is the recourse liability related to this transaction?

Group of answer choices

$7,400

$1,000

$8,000

$7,600