factoring receivable

I’m having trouble understanding factoring receivables. I have a question on this, can you look at this? thanks.

A factor will buy company’s receivables (Rs.8 million per month), which have a collection
period of 60 days. The factor shall advance up to 80 percent of face value of the receivables
at 8% on an annual basis. The factor shall also charge 1.5% fee on all receivables purchased.
It has been estimated that the factor’s services will save the company a credit department
expense and bad-debt expense of Rs 92,000 per month.

explain
1.Who is giving interest to whom? and calculation of interest.

mine solution is

fee (8000000*1.5%*12) 1440,000
interest(8,000,000* 80% * 8%) 512000
bad debt (92,000 * 12) (1104,000)

is it correct ??? or interest amount also multiplied by 12???