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 2 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"?

Answers

$4,641.50

$5,679.53

$3,864.50

$4,255.53

$6,897.50