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How much cash did Chung receive

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Problem - On October 31, 2020, Chung, Inc. assigns $1,000,000 of its accounts receivable to Seneca National Bank as collateral for a $750,000 note. The bank assesses a finance charge of 3% of the receivables assigned and interest on the note of 9%. How much cash did Chung receive as a result of assigning the receivables to the bank?

Reference no: EM132936294

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