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Find the amount of cash received at the time of the transfer

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Reference no: EM132855165

Question - Brown Company assigned 4,000,000 of accounts receivable to AB Finance as a security for a loan of 3,200,000. AB Finance charged a 3% commission on the amount of the loan, the interest rate on the note was 12%. During the first month, Brown collected returns worth 50,000 and wrote-off assigned accounts totaling 20,000. Find the amount of cash received at the time of the transfer?

Reference no: EM132855165

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