Bantam Industries has budgeted the following information for March:

Cash payment $ 271,000

Beginning cash balance 5,000

Cash receipts 280,000

Desired ending cash balance 25,000

If there is a cash shortage, the company borrows money from the bank. All cash is borrowed at the beginning of the month in $1,000 increments and interest is paid monthly at 1% on the first day of the following month. The company had no debt before March 1st. How much cash will the company need to borrowed in March?