Pharoah, Inc., sells $287,000 of its accounts receivable to factors at a 5 percent discount. The firms average collection period is 90 days.

What is the dollar cost of the factoring service per month? per 90 days? (Round answers to nearest whole dollar, e.g. 5,275.)

What is the simple annual interest cost of the loan? (Do not round itermediate calculations. Round answer to 1 decimal place, e.g. 15.1%.)

What is the effective annual interest cost of the loan? (Round answer to 2 decimal places, e.g. 15.25%.