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

	Jul	Aug	Sep
Cash collections	$50,000	$39,600	$46,100
Cash payments:
Purchases of direct materials	30,000	21,700	17,600
Operating expenses	12,300	8,000	11,600
Capital expenditures	13,700	24,300	0

The cash balance on June 30 is projected to be $4,100. 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 5%. 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?