QuickHelper

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About QuickHelper

Levels Tought:
Elementary,High School,College,University,PHD

Expertise:
Accounting,Applied Sciences See all
Accounting,Applied Sciences,Business & Finance,Chemistry,Engineering,Health & Medical Hide all
Teaching Since: May 2017
Last Sign in: 357 Weeks Ago, 1 Day Ago
Questions Answered: 20103
Tutorials Posted: 20155

Education

  • MBA, PHD
    Phoniex
    Jul-2007 - Jun-2012

Experience

  • Corportae Manager
    ChevronTexaco Corporation
    Feb-2009 - Nov-2016

Category > Accounting Posted 24 May 2017 My Price 13.00

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Question description

 

Part A: Cash Flow of Accounts Receivable

 

Myers and Associates, a famous law office in California, bills its clients on the first of each month. Clients pay in the following fashion: 40% pay at the end of the first month, 30% pay at the end of the second month, 20% pay at the end of the third month, 5% pay at the end of the fourth month, and 5% default on their bills. Myers wants to know the anticipated cash flow for the first quarter of 2009 if the past billings and anticipated billings follow this same pattern. The actual and anticipated billings are as follows.

Fourth Quarter Actual Billings

First Quarter Anticipated Billings

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

$392,000

$323,000

$296,000

$340,000

$360,000

$408,000

Part B: Straight Bank Loan

 

Right Bank offers EAR loans of 9.38% and requires a monthly payment on all loans.

  • What is the APR for these monthly loans?
  • What is the monthly payment for the following?
    • A loan of $200,000 for six years
    • A loan of $450,000 for twelve years
    • A loan of $1,250,000 for thirty years

 

 

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QuickHelper
(10)
Status NEW Posted 24 May 2017 01:05 PM My Price 13.00

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