Business, 02.03.2020 23:08 twiddleturd

Prepare an annual (fiscal year from July to June) budget for an imaginary De Anza student. The student will work full time (160 hours per month) during July, August & September. The student can work half time (80 hours per month) during the other 9 months of the school year. The student will have $1,000 in cash in the bank on July 1 and earns interest on the cash balance at 5% per year. Interest income should be calculated each month by taking the monthly interest rate and multiplying it by the beginning of month cash balance. The student has a credit card with a $5,000 line of credit. Interest expense on the unpaid balance is 20% per year and must be paid monthly. I recommend NOT using your credit card to smooth out the cash flows…the interest rate is too expensive. (Just like real life.) The cash balance cannot go negative so increase your hourly wage rate if you start to run out of money.

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Prepare an annual (fiscal year from July to June) budget for an imaginary De Anza student. The stude...

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