E$21-27.$ Cash Budget & Short$-$Term Financing

Presented are partial October, November, and December cash budgets for Holiday Events:

Loans are obtained in increments of $$1,000$ at the start of each month to maintain a minimum end$-$

of$-$month balance of $$12,000.$ Interest is $1\%$ simple interest $($no compounding$)$ per month, payable

when a loan payment is made. Repayments are made as soon as possible, subject to the minimum

end$-$of$-$month balance.

REQUIRED

Complete the short$-$term financing section of the cash budget.

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