7 Karim Corp. requires a minimum $9,600 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $10,000 and the company has no outstanding loans. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow points July August September 25,600 $33,600 41,600 30,400 31,600 33,600 cash receipts Cash payments eBook Hint Print Prepare a cash budget for July, August, and September. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) KARIM CORP Cash Budget KARIM CORP Cash Budget For July, August, and September oints July August September 9,600 41,600 51,200 (33,600) 10,000 $ 25,600 35,600 9,600 $ Beginning cash balance Cash receipts Total cash available Cash payments nterest on bank loan Preliminary cash balance Additional loan (loan repayment) Ending cash balance eBook 33,600 43,200 (31,600) Hint Print (30,400) 9,600 9,600$ Loan balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance End of month 0 0 0