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How much money will Leo actually receive

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Question - Leo's Furniture is offering a houseful of furniture for $7,777. Furthermore, if you make a down payment of $777 you can wait for 212 years to pay the $7,000 balance. If Leo's Furniture immediately sells the $7,000 receivable contract to the Corleone Finance Group at a discount rate of 24% compounded monthly, how much money will Leo's actually receive for the houseful of furniture?

Reference no: EM133172525

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