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LMN Co. plans to enter into a secured term loan by assigning its receivables of $600,000 with an ...

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LMN Co. plans to enter into a secured term loan by assigning its receivables of $600,000 with an ...

LMN Co. plans to enter into a secured term loan by assigning its receivables of $600,000 with an average maturity date of 30 days. The finance company will loan 75% of the receivables value at 11% interest plus a service fee of 0.05% of the total receivables pledged. What is the total cost of this financing arrangement?

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$3,039

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$3,872

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$4,049

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$4,368

Textbook

Financial Management: Theory and Practice

Edition: 4^th

Authors: Brigham, Ehrhardt, Gessaroli, Nason

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