Takoma Park Hospitals services result in $300,000 in daily billings to third-party payers. On average, it takes the Hospital 90 days to collect its receivables. If the interest rate on loans needed to finance receivables (cost of carrying receivables) is 6 percent, what is the hospitals dollar annual cost of financing its receivables balance?

$1,250,000

$1,620,000

$1,500,000

$1750,000

None of the above