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What is the amount of cash initially received

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Question - Zeus Co. factored P6,000,000 of accounts receivable to a finance entity at the end of the current year. Control was surrendered by Zeus Co. The factor assessed a fee of 3% and retained a holdback equal to 5% of the accounts receivable. In addition, the factor charged 15% interest computed on a weighted average time to maturity of the accounts receivable of 54 days. What is the amount of cash initially received from the factoring?

Reference no: EM132929397

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