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Horizon inc. has a Canadian receivables contract for $200,000 due in 270 days. The firm has been approached by a factoring firm that offers to

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Horizon inc. has a Canadian receivables contract for $200,000 due in 270 days. The firm has been approached by a factoring firm that offers to purchase the receivables at a 12.00% per annum discount plus a 2.00% charge for a nonrecourse clause. What is the annualized percentage all-in-cost of this factoring alternative? 16.48% 16.06% 14.82% 15.64%

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