Ms. Demeanor had a new POS (point-of-sale) installed in her office. The balance owing on the contract is $23,500 which includes equipment and installation fees. The contract permits individual payments on the account whenever possible, but the final balance must be paid two years (24 months) from now. Starting today, interest will accumulate on the balance at 3.25% compounded monthly. Ms. Demeanor will make a payment of $5200 6 months from now and $6300 20 months from now. What is the final balance owing on the account in two years (24 months from now)? Practice drawing a timeline in your own notes.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Ms. Demeanor had a new POS (point-of-sale) installed in her office. The balance owing on the contract is $23,500 which includes equipment and installation fees. The contract permits individual payments on the account whenever possible, but the final balance must be paid two years (24 months) from now. Starting today, interest will accumulate on the balance at 3.25% compounded monthly. Ms. Demeanor will make a payment of $5200 6 months from now and $6300 20 months from now. What is the final balance owing on the account in two years (24 months from now)? Practice drawing a timeline in your own notes.
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