Benton company's sales budget shows the following expected total sales: month sales january $ 19,000 february $ 23,000 march $ 28,000 april $ 47,000 the company expects 70% of its sales to be on account (credit sales). credit sales are collected as follows: 25% in the month of sale, 73% in the month following the sale with the remainder being uncollectible and written off. the total cash receipts during april would be:

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

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