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The following information about Lapus Incorporation that borrows by pledging its receivables are as follows: Average balance of accounts receivable Annual receivables turnover (360/ACP)

The following information about Lapus Incorporation that borrows by pledging its receivables are as follows: Average balance of accounts receivable Annual receivables turnover (360/ACP) P100,000 6x Administrative fee charged on all new receivables 2% Percent of receivables accepted Interest rate on outstanding loans What is the effective cost of financing stated as an annual rate? 12% 80%

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