Homework Answers
Dollar cost of factoring = 3% of $286000
= $8,580 for 90 days or 3 months
Dollar cost per month = $85800/3 = $2860 per month
This factoring is equivalent to taking a loan of ($286000 -$8580 ) = $277420 and paying an interest of $8580 after 3months
So,effective interest rate for 3 months = 8580/277420 = 0.03092 = 3.09%
So, simple annual interest cost = 3.092% * 4 = 12.37% p.a.
& Effective annual rate of interest = (1+0.03092)^4 - 1 = 12.96% p.a.
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