Concord Corporation. assigned $1,582,000 of accounts receivable to Pharoah Company as security for a loan of $1,335,000. Pharoah charged a 1% commission on the amount of the loan; the interest rate on the note was 9%. During the first month, Concord collected $459,000 on assigned accounts after deducting $1,480 of discounts. Concord accepted returns worth $5,400 and wrote off assigned accounts totaling $11,880.