Solution-Round interest payments to the nearest wholedollar

Round interest payments to the nearest wholedollar

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Reference no: EM13906887

Karim Corp. requires a minimum $8,000 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). Any excess cash is used to repay loans at month end. The cash balance on July 1 is $8,400 and the company has no outstanding loans. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) are:

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Prepare a cash budget for July, August, and September. Round interest payments to the nearest wholedollar.

Reference no: EM13906887

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Round interest payments to the nearest wholedollar

Reference no: EM13906887

Reference no: EM13906887

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