Inventory financing Raymond Manufacturing faces a liquidity crisisit needs a loan of $91,000 for 1 month. Having no source of additional unsecured borrowing, the firm must find a secured short-term lender. The firm's accounts receivable are quite low, but its inventory is considered liquid and reasonably good collateral. The book value of the inventory is $273.000, of which $109,200 is finished goods. (Note: Assume a 365-day year.) (1) City-Wide Bank will make a $91,000 trust receipt loan against the finished goods inventory. The annual interest rate on the loan is 11.5% on the outstanding loan balance plus a 0.23% administration fee levied against the $91,000 initial loan amount. Because it will be liquidated as inventory is sold, the average amount owed over the month is expected to be $67,373 (2) Sun State Bank will lend $91,000 against a floating lien on the book value of inventory for the 1-month period at an annual interest rate of 12.6%. (3) Citizens' Bank and Trust will lend $91,000 against a warehouse receipt on the finished goods inventory and charge 14.8% annual interest on the outstanding loan balance. A 0.68% warehousing fee will be levied against the average amount borrowed. Because the loan will be liquidated as inventory is sold, the average loan balance is expected to be $54,600. a. The dollar cost of the trust receipt loan is $ (Round to the nearest cent.)