Does someone know how to do this problem?

Will rate a thumb up for good response thanks so much!

3. Refer again to the financial statements of BVC Corp. provided. Management have been "pitched" by FBN Factors Inc. FBN proposes to purchase ("discount") all of BVC Co's accounts receivable for 99 cents on the dollar. This would allow BVC Co. to collect 99% of its cash upon the day of the sale, rather than waiting until the end of the collection period. a. What annual rate of interest "APR") would BVC Corp. be paying to finance its receivables under this proposed factoring arrangement? % b. Do you consider this proposal worthy of consideration? Explain in one brief sentence. BVC Co. Balance Sheet As of 12/31/20 BVC Co. Income Statement For the year ended 12/31/20 Cash Accounts receivable Inventory Current assets Accounts payable Revolving credit facility Current liabilities Working capital Net fixed assets Total assets 100 165 123 388 123 75 198 190 800 990 Sales Cost of goods sold Gross profit Operating expense Depreciation Total op exps EBIT Interest NIBT Income tax NIAT 4,000 3,000 1,000 700 100 800 200 50 150 50 100 400 Debt Equity Total capital 600 1,000