QUESTION 12 A company needs 52,000,000 million for 6 months. The have arranged with its bank for a $2 million loan secured by its accounts receivable. The bank has agreed to advance this company 80 percent of the value of its pledged receivables at a rate of 7 percent plus a 13 percent fee based on all receivables pledged. This company's receivables average a total of $2.1 million year-round. What is the APR for this loan