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Calculate the amount of interest paid in february

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Reference no: EM131729945

Question - Janus Industries has budgeted the following information for January:

Cash Receipts $40,000

Beginning Cash Balance $10,000

Cash Payments $48,000

Desired Ending Cash Balance $ 5,000

If there is a cash shortage, the company borrows money from the bank. All cash is borrowed at the beginning of the month in $1,000 increments. Interest is paid monthly on the first day of the following month. The interest rate is 1% per month. The company had no debt before January 1st.

The amount of interest paid in February would be

a. $50.

b. $300.

c. $500.

d. $30.

Reference no: EM131729945

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