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Problem 14.33 Zenex, Inc., sells $273,000 of its accounts receivable to factors at a 5 percent discount. The firm's average collection period is 90 days.
Problem 14.33 Zenex, Inc., sells $273,000 of its accounts receivable to factors at a 5 percent discount. The firm's average collection period is 90 days. (Use 30 days - 1 month.) What is the dollar cost of the factoring service? (Round dollar cost to nearest whole dollar,e.g.5,275.) Dollar cost of the factoring service per month what is the simple annual interest cost of the factors loan? (Round answer to 1 decimal place, e.g. 15.1%.) Simple annual interest cost of the factors loan LINK TO TEXT
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