Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 08 Aug 2017 My Price 5.00

Bathurst NSW

You are the owner and operator of Grains Plus located at Bathurst NSW. The rain during the spring have been the best in a decade and you are expecting a bumper wheat crop. This has prompted you to rethink your current financing sources.

According to your past experience, you believe there is a need for additional $240,000 for the three months’ period ending with the close of the harvest season. After meeting with your business banker, you are bit puzzled over what the additional financing will actually cost. The banker has quoted you an annual interest rate of 1% over Reserve Bank of Australia cash rate (let’s assume it’s currently 3% p.a.) and has also requested that the firm increase its current bank balance of $4,000 up to 20% of the loan.

(a) If interest and principle are all repaid at the end of the three-month loan term, what is the annual percentage rate on the loan offer make by the bank? (3 marks)

(b) If the bank were to offer to lower the rate to the Reserve Bank of Australia cash rate if interest is discounted, should you accept this alternative? (3 marks)

Answers

Maurice Tutor
(5)
Status NEW Posted 08 Aug 2017 05:08 PM My Price 5.00

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