Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 10 Oct 2017 My Price 6.00

George Company

    1. The George Company has a policy of maintaining an end-of-month cash balance of at least $30,000. In months where a shortfall is expected, the company can draw in $1,000 increments on a line of credit it has with a local bank, at an interest rate of 12 percent per annum. All borrowings are

assumed for budgeting purposes to occur at the beginning of the month, while all loan repayments (in $1,000 increments of principal) are assumed to occur at the end of the month. Interest is paid at the end of each month. For April, an end-of-month cash balance (prior to any financing and interest expense) of $18,000 is budgeted; for May, an excess of cash collected over cash payments (prior to any interest payments and loan repayments) of $22,000 is anticipated. What is the interest payment estimated for April (there is no bank loan outstanding at the end of March)? What is the total financ- ing effect (cash interest plus loan transaction) for May?

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Maurice Tutor
(5)
Status NEW Posted 10 Oct 2017 11:10 PM My Price 6.00

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