Acme, Inc. has prepared its third quarter budget and provided the following data:

	Jul	Aug	Sep
Cash collections	$51,000	$39,800	$47,400
Cash payments:
Purchases of direct materials	30,000	21,700	17,600
Operating expenses	12,300	8,000	11,100
Capital expenditures	13,500	25,100	0

The cash balance on June 30 is projected to be $4,400. The company has to maintain a minimum cash balance of $5,000 and is authorized to borrow at the end of each month to make up any shortfalls. It may borrow in increments of $5,000 and has to pay interest every month at an annual rate of 44%.All financing transactions are assumed to take place at the end of the month. The loan balance should be repaid in increments of $5,000 whenever there is surplus cash. How much will the company have to borrow at the end of July?

A.$10,000

B.$0

C.$5,000

D.$15,000