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

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Reference no: EM132857080

Question - Brown Company assigned 2,000,000 of accounts receivable to AB Finance as a security for a loan of 1,200,000. AB Finance charged a 2% commission on the amount of the loan, the interest rate on the note was 10%. During the first month, Brown collected returns worth 20,000 and wrote-off assigned accounts totaling 18,000. Find the amount of cash received at the time of the transfer?

Reference no: EM132857080

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