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On May 1, 20X1, Willy Co. borrowed $500,000 one-year loan at 6% interest and pledged $600,000 in accounts receivables as collateral. Willey paid a finance

On May 1, 20X1, Willy Co. borrowed $500,000 one-year loan at 6% interest and pledged $600,000 in accounts receivables as collateral. Willey paid a finance fee equal to 1% of the pledged receivables. ...

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