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Problem - Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments {excluding cash payments for loan principal and interest payments] for the ?rst three months of next year.
Cash Receipts
Cash Payments
January
$519,000
$460,300
February
406,500
347,800
March
452,000
526,000
According to a credit agreement with its bank, Kayak requires a minimum cash balance of $40,000 at each month-end. In return the bank has agreed that the company can borrow up to $160,000 at a monthly interest rate of 1%, paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. The company repays loan principal with any cash in excess of $40,000 on the last day of each month. The company has a cash balance of $40,000 and a loan balance of $30,000 at January 1.
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