Mathematics
Mathematics, 14.10.2020 14:01, IHATEIXL

Charming Paper Company sells to the 12 accounts listed here. Account ReceivableBalance Outstanding Average Age ofthe AccountOver the Last YearA $ 66,800 25 B 154,000 42 C 77,800 14 D 21,800 56 E 52,100 42 F 254,000 35 G 35,600 20 H 392,000 66 I 44,100 38 J 92,800 58 K 263,000 23 L 68,900 36 Capital Financial Corporation will lend 90 percent against account balances that have averaged 30 days or less; 80 percent for account balances between 31 and 40 days; and 70 percent for account balances between 41 and 45 days. Customers that take over 45 days to pay their bills are not considered acceptable accounts for a loan. The current prime rate is 16.50 percent, and Capital charges 4.50 percent over prime to Charming as its annual loan rate. a. Determine the maximum loan for which Charming Paper Company could qualify. b. Determine how much one monthâs interest expense would be on the loan balance determined in part a. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

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Charming Paper Company sells to the 12 accounts listed here. Account ReceivableBalance Outstanding A...

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