TruLight Co. used $20,519,000 of its accounts receivable as collateral on a $13,300,000 loan. The...
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TruLight Co. used $20,519,000 of its accounts receivable as collateral on a $13,300,000 loan. The interest rate on the loan was only 6% due to the collateral, but the bank did require that TruLight Co. pay an upfront finance charge of 1%. Based on this information, how much cash would TruLight Co. receive on the day the loan was signed?
Possible Answers: $20,519,000; $20,313,810; $13,167,000; $798,000
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