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The average credit sales for Jiffy Co. is $375,000. Accounts receivables average balance is $68,000. Jiffy factors its receivables by discounting them 3%. What is

The average credit sales for Jiffy Co. is $375,000. Accounts receivables average balance is $68,000. Jiffy factors its receivables by discounting them 3%. What is the effective cost of factoring?

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