Ch 7 HW (i) 5 2.22 points Kayak Company budgeted the following cash receipts (excluding cash receipts from loans recelved) and cash payments (excluding cash payments for loan principal and interest payments) for the first three months of next year. January February March Cash Receipts S 526,006 411,090 461,898 Cash payments $468,400 353,400 524,000 Kayak requires a minimum cash balance of $30,000 at each month-end. Loans taken to meet this requirement charge 1%, interest per month, paid at each month-end. The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $30,000 is used to repay loans at month-end. The company has a cash balance of $30,000 and a loan balance