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Crane Company is preparing a cash summary budget using the data below. They have already prepared their cash receipts and cash payments budget so that

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Crane Company is preparing a cash summary budget using the data below. They have already prepared their cash receipts and cash payments budget so that data is provided: October November Beginning Cash Balance Expected Cash $63000 Receipts $95000 Expected Cash $45000 Payments 000) Management always wants to maintain a $40898 minimum cash balance at the end of every month. If there is an expected cash shortfall in the budget they will be proactive and borrow money at the first day of the month. That way they will not risk having too low of a balance during the month. They can borrow any amount of money needed. They may not pay loans back in installments. They have to pay them back all at once. The interest rate is 12%. Assume if they pay back money, they pay it back on the last day of the month. What is the ending cash balance for November after all loan repayments of principle and interest? Round your answer to the nearest whole dollar

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