intrest rate 16% opening balance for the year is 1600

wmparry borrows and repays from an open life of credit in found $100 amounts. Loan related peyments are made in perfods ta is available with interest paid on only the portion of ary principal being repaid. The current batance (prinelpel plus ucchued be line of credit account is $3.536 for the borrowing that occurred in the last quarter of the previous year The anmawi 15% A minimum cash reserve of $600 must be maintained each quarter. The opening boiance for the year is expecteis Prepare a cash budget assuming that the principal and accrued interent in the line of credit from the end of the previous yeat is paid immediately. and that interest on borrowing from the fifst quarter omward is paid at the end of each quarter and principal is repaid when cash is avaliabie. Calculate the Interest expense for the annwal income statement. Amy bofrowing will take place at the beginning of a quarter, and any repayments Will be made at the end of a quarter, (Da not round Intermediate calculations. Any nRepayments", "interest" and "Deffclency of cosh" ahoula be Indicesed by 6 minue slgnd