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Factoring A/R (discounted). WHat is the APR if $100,000 face amount if A/R are factored carrying 60-day terms, 2% factor fee, 6% reserve, and interest

Factoring A/R (discounted). WHat is the APR if $100,000 face amount if A/R are factored carrying 60-day terms, 2% factor fee, 6% reserve, and interest @1%/MO on advances? (PLEASE SHOW ALL WORK AND STEPS FOR PROBLEM WITHOUT USING EXCEL)

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