Question 11 of 15 < View Policies Current Attempt in Progress -/1 Joseph Moore has been working on Bramble Paints' cash budget for the coming year. Based on his projections for March, the beginning cash balance will be $45,700; cash collections will be $580,000; and cash disbursements will be $614,000. Bramble Paints desires to maintain a $32,000 minimum cash balance. The company has a 12% 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. (a) How much will Bramble Paints need to borrow from the bank at the beginning of March? Bramble Paints should borrow (b) Assuming that Bramble Paints has $20,000 in excess cash budgeted for April, how much principalwill the company plan to repay? How much interest will be repaid in April? Principal to be repaid $ Interest to be repaid $