Gary King has been working on Waterway Paints' cash budget for the coming year. Based on his projections for March, the beginning cash balance will be $41,700, cash collections will be $590,000, and cash disbursements will be $624,000. Waterway Paints desires to maintain a $38,000 minimum cash balance. The company has a 6% open line of credit with its bank, which provides short-term borrowings in $500 increments. All borrowings are made at the beginning of the month, and all repayments are made at the end of the month (in $500 increments). Accrued interest is paid at the time of repayment.

How much will Waterway Paints need to borrow from the bank at the beginning of March?

Waterway Paints should borrow

30,500

Assuming that Waterway Paints has $20,000 in excess cash budgeted for April, how much principal will the company plan to repay? How much interest will be repaid in April?

Principal to be repaid		$enter the principal repayable amount in dollars
Interest to be repaid