Lipman Auto Parts, a family-owned auto parts store, began January with $10,700 cash. Management forecasts that collections from credit customers will be $11,000 in January and $15,400 in February. The store is scheduled to receive $5,500 cash on a business note receivable in January. Projected cash payments include inventory purchases ( $13,500 in January and $14,200 in February) and selling and administrative expenses (\$2,700 each month). (Click the icon to view additional information about Lipman Auto Parts.) Read the requirements. More info Lipman Auto Parts' bank requires a $10,000 minimum balance in the store's checking account. At the end of any month when the account balance falls below $10,000, the bank automatically extends credit to the store in multiples of $1,000. Lipman Auto Parts borrows as little as possible and pays back loans in quarterly installments of $2,000, plus 3% APR interest on the first payment occurs three months after the loan. Lipman Auto Parts, a family-owned auto parts store, began January with $10,700 cash. Management forecasts that collections from credit customers will be $11,000 in January and $15,400 in February. The store is scheduled to receive $5,500 cash on a business note receivable in January. Projected cash payments include inventory purchases ( $13,500 in January and $14,200 in February) and selling and administrative expenses (\$2,700 each month). (Click the icon to view additional information about Lipman Auto Parts.) Read the requirements. More info Lipman Auto Parts' bank requires a $10,000 minimum balance in the store's checking account. At the end of any month when the account balance falls below $10,000, the bank automatically extends credit to the store in multiples of $1,000. Lipman Auto Parts borrows as little as possible and pays back loans in quarterly installments of $2,000, plus 3% APR interest on the first payment occurs three months after the loan