Bantam Industries Has Budgeted the Following Information for March

question 97

Multiple Choice

Bantam Industries has budgeted the following information for March: If there is a cash shortage, the company borrows money from the bank. All cash is borrowed at the beginning of the month in $1,000 increments and interest is paid monthly at 1% on the first day of the following month. The company had no debt before March 1^st. How much cash will the company need to borrowed in March?

• A) $25,000
• B) $29,000
• C) The company should not need to borrow any cash in March
• D) $4,000

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