Victory, Inc., sells $375,000 of its accounts receivable to factors at a 3.5 percent discount....
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Accounting
Victory, Inc., sells $375,000 of its accounts receivable to factors at a 3.5 percent discount. The firm's average collection period is two months. The effective annual loan-equivalent cost is closest to?
|
| 24% |
|
| 53% |
|
| 22% |
|
| 4% |
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