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Royal Industries has budgeted the following information for January Cash Receipt Beginning Cash Balance Cash Payments Desired Inding Cash Cushion 340,000 $10,000 $48,000 $ 5,000 if there is a cash shortage, the company borrows money. If a surplus occurs funds are used to repay loans or to invest in short-term assets. All borrowing, repayments, and interest payments occur on the last day of the month. The interest rate is 1% per month. The company had no debt before January 1st. The amount of interest paid in February would be Murile Choice $50 $300 o $500 $30