I think "in effect" sounds good here, and is not "too" formal. I'd change the previous sentence though:
Dear, Peter, In your previous email, you mentioned that you would offer me a discount of 20%.
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I think "in effect" sounds good here, and is not "too" formal. I'd change the previous sentence though:
Dear, Peter, In your previous email, you mentioned that you would offer me a discount of 20%.
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