MLX has annual sales of $320 million per year and has calculated the collect float to be 12 days. If MLX is currently paying 9.35% on its line of credit, wh amount of interest expense could be saved if the collection float is reduced by 3 days? (Assume 365 days per year.)
MLX has annual sales of $320 million per year and has calculated the collect float to be 12 days. If MLX is currently paying 9.35% on its line of credit, wh amount of interest expense could be saved if the collection float is reduced by 3 days? (Assume 365 days per year.)
Chapter13: Other Financing Alternatives
Section: Chapter Questions
Problem 1bM
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