At the end of June 2007,TB Cave & Associates had an average of $45 000 in accounts receivable.Credit sales were $292 500.The company factors all of its receivables immediately at a 1.50% discount.For simplification,consider that all of the accounts receivable are expected to be collected in full.What is the company's effective cost of borrowing on this source of financing?

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The Answer of At the end of June 2007,TB Cave & Associates had an average of $45 000 in accounts receivable.Credit sales were $292 500.The company factors all of its receivables immediately at a 1.50% discount.For simplification,consider that all of the accounts receivable are expected to be collected in full.What is the company's effective cost of borrowing on this source of financing?

At the End of June 2007,TB Cave & Associates Had