1) I need help understanding how to calculate the interest. I calculated it to be 580 but that is not correct. Can someone show me the formula or steps to calculate simple interest;

2) Last, I do not understand why the amount in the total box in the cash balance, beginning box is the same as the beginning cash balance in October. All problems I am looking at like this carry the number over from the first month. It doesn't make sense. Please help me understand why this is done.

All my answers were in her except the interest in December. Not sure why they did not carry over.

Cash Budget & Short-Term Financing Presented below are partial October, November, and December cash budgets for Holidays 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 one percent simple interest (no compounding) per month, payable when the loan is repaid. Repayments are made as soon as possible, subject to the minimum end-of-month balance.

Complete the short-term financing section of the cash budget and all missing figures.

Use a negative sign with answers to indicate a cash disbursement or a negative ending balance.

HOLIDAY EVENTS
Partial Cash Budgets
For the Months of October, November, and December
		October	November	December	Total
Cash balance, beginning		$21,000	12000	12000	????
Collection on sales		33,000	38,000	78,000	Answer
Cash available for operations		54000	Answer	Answer	Answer
Disbursements for operations		(48,000)	(58,000)	(40,000)	Answer
Ending cash before borrowings or replacements		Answer	Answer	Answer	Answer
Short-term finance:
New loans		6000	20000	Answer	Answer
Repayments		Answer	Answer	26000	Answer
Interest		Answer	Answer	?????	Answer
Cash balance, ending		Answer	Answer	Answer	Answer