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What is the total amount of cash received from receivable

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On November 1, 2016, Eve company hypotheticated its ?5,000,000 account receivable to obtain immediate cash for business requirement purposes. PNB Bank granted a 1-year ?3,000,00 loan discounted at 20% interest. The loan has ?200,000 restricted compensating balance. (Use straight line method in amortizing discounts).

Problem 1: What is the total amount of cash received from receivable financing on November 1, 2016?

Reference no: EM132704499

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