The Odessa Supply Company is considering obtaining a loan from a sales finance company secured by inventories under a field warehousing arrangement. Odessa would be permitted to borrow up to $330,000 under such an arrangement at an annual interest rate of 13 percent. The additional cost of maintaining a field warehouse is $13,000 per year. Assume that there are 365 days per year. Determine the annual financing cost of a loan under this arrangement if Odessa borrows the following amounts:

1. $330,000. Round your answer to two decimal places.

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2. $290,000. Round your answer to two decimal places.

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