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	$16000
Expected Cash Receipts	$63000	$95000
Expected Cash Payments	$45000	$76000

Management always wants to maintain a $39,458 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 on 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 the 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?