Finch company began its operations on march 31 of the current year. finch co. has the following projected costs: april may june manufacturing costs(1) $156,800 $195,200 $217,600 insurance expense (2) $1,000 $1,000 $1,000 depreciation expense $2,000 $2,000 $2,000 property tax expense(3) $500 $500 $500 (1) 3/4 of the manufacturing costs are paid for in the month they are incurred. 1/4 is paid in the following month. (2) insurance expense is $1,000 a month, however, the insurance is paid four times yearly in the first month of the quarter, i. e. january, april, july, and october. (3) property tax is paid once a year in november. the cash payments for finch company in the month of june are:

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