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Leo's Furniture is offering a "houseful of furniture" for $7,777. Furthermore, if you make a down ...

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Leo's Furniture is offering a "houseful of furniture" for $7,777. Furthermore, if you make a down ...

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 2½ 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"?

▸ $3,864.50

▸ $4,255.53

▸ $4,641.50

▸ $5,679.53

▸ $6,897.50

Textbook

Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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