26 Jul DETERMINE THE MAXIMUM LOAN FOR WHICH CHARMIN PAPER COMPANY COULD QUALIFY.
Balance Show more Charmin Paper Company sells to the 12 accounts listed next. Account Receivable Balance Outstanding Receivable Balance Outstanding Receivable Balance Outstanding Average Age of the Account Over the Last Year Average Age of the Account Over the Last Year Average Age of the Account Over the Last Year A $ 63600 25 B 133000 43 C 73300 19 D 29100 57 E 56100 42 F 253000 39 G 33400 24 H 349000 67 I 45300 32 J 90600 59 K 237000 15 L 61000 37 Capital Financial Corporation will lend 90 percent against account balances that have averaged 30 days or less; 80 percent for account balances between 31 and 40 days; and 70 percent for account balances between 41 and 45 days. Customers that take over 45 days to pay their bills are not considered acceptable accounts for a loan. The current prime rate is 12.50 percent and Capital charges 4.50 percent over prime to Charmin as its annual loan rate. a. Determine the maximum loan for which Charmin Paper Company could qualify. Maximum loan amount $ b. Determine how much one months interest expense would be on the loan balance determined in part a.(Do not round intermediate calculations. Round your final answer to 2 decimal places.) Interest expense $ Show less
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