Ocala clinics services result in 5000 in daily billings to, Financial Management

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Ocala clinics services result in 5000 in daily billings to

Ocala Clinic's services result in $5,000 in daily billings to third-party payers. On average, it takes the clinic 50 days to collect its receivables. If the interest rate on loans needed to finance receivables (cost of carrying receivables) is 10 percent, what is the clinic's dollar annual cost of financing its receivables balance?

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