Che Karim Corporation requires a minimum $8,500 cash balance. Loans taken to meet this requirement cost 2% interest per month (paid at the end of each month). Any preliminary cash balance above $8,500 is used to repay loans at month-end. The cash balance on July 1 is $8,900, and the company has no outstanding loans, Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for loan or interest payments) follow. July August September Cash receipts $ 24, see $ 32,500 $ 40,500 Cash payments 28,750 30,500 32,500 Prepare a cash budget for July August, and September. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) KARIM CORP Cash Budget July August September $ 8.900 5 8.500 5 8,500 24.500 32 500 40,500 33.400 41.000 49.000 0 Beginning cash balance Add: Cash receipts Total cash available Less Cash payments for Interest on loan All items excluding interest Total cash payments Preliminary cash balance Loan activity (77) (39) 77 0 46505 (39) 16.461 5 10.4235 (Prey 6 of 8 !! Next 52F 8 Te to search