You plan to sell a $1 million receivable to the Universal Credit. The receivable is due in six months. Universal Credit charges a one-time handling fee of 4% for purchasing the receivable on a non-recourse basis, and a factoring fee of 1% for every month the receivable is outstanding. All fees must be paid at the time receivable is sold. What is the annual all-in cost of this factoring financing? Highlight its structural similarities to acceptances.