What amount of funding from xyz will be available, Accounting Basics

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What amount of funding from xyz will be available

Question: Factoring: BML Ltd., sells R150000 of its accounts receivable to factoring company XYZ. XYZ charges a commision of 2.875%, an annual interest rate on advances of 12% per annum, and requires a 10% reserve. BML Ltd's average collection period is 75 days. What amount of funding from XYZ will be available for advance? (round to the nearest rand) R150000 R145688 R130688 R127465

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Accounting Basics: What amount of funding from xyz will be available

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