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*2* Fruit of the Loom sells $10 million in accounts receivable to a factor. The receivables...

*2* Fruit of the Loom sells $10 million in accounts receivable to a factor. The receivables are due in 90 days. The factor charges a 2 percent per month factoring fee, as well as the face amount, for purchasing the accounts receivable from Fruit of the Loom on a nonrecourse basis.
*A* How much will fruit of the Loom receive for it's receivables
*B* What is the all-in cost of the acceptance?
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