Business
Business, 14.03.2020 01:23, lliaaaa

Line Drive Apparel assigned $800,000 of accounts receivable to Faster Finance as security for a loan of $670,000. Faster Finance charged a 2% commission on the amount of the loan; the interest rate on the note was 10%. During the first month, Line Drive collected $220,000 on assigned accounts after deducting $760 of discounts. They also accepted returns worth $2,700 and wrote off assigned accounts totaling $5,960. At the time of the assignment how much cash did Line Drive Apparel receive from Faster Finance?

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Line Drive Apparel assigned $800,000 of accounts receivable to Faster Finance as security for a loan...

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