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  3. wildhorse, inc., sells $224,000 of its accounts re

Wildhorse, Inc., sells $224,000 of its accounts receivable to factors at a 2 percent discount....

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Accounting

Wildhorse, Inc., sells $224,000 of its accounts receivable to factors at a 2 percent discount. The firms average collection period is 90 days.

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

What is the dollar cost of the factoring service? (Round answers to nearest whole dollar, e.g. 5,275.)

Dollar cost of factoring $enter the cost of factoring per month in dollars rounded to the nearest whole per month
Dollar cost over 90days $enter the cost of factoring over 90 days in dollars rounded to the nearest whole

What is the simple annual interest cost of the loan? (Do not round itermediate calculations. Round answer to 1 decimal place, e.g. 15.1%.)

Simple annual interest cost enter the simple annual interest cost in percentages rounded to 1 decimal place %

What is the effective annual interest cost of the loan? (Round answer to 2 decimal places, e.g. 15.25%.)

Effective annual interest cost enter the effective annual interest cost in percentages rounded to 2 decimal places %

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