Delbert, Inc. has prepared its third quarter budget and provided the following data: Cash collections Jul $49,000 Aug $39,600 Sep $47,700 Cash payments: Purchases of direct materials Operating expenses Capital expenditures 31,000 22,100 12,300 13,300 17,700 8,700 24,300 11,400 0 The cash balance on June 30 is projected to be $5,000. The company has to maintain a minimum cash balance of $5,000 and is authorized to borrow at the end of each month to make up any shortfalls. It may borrow in increments of $5,000 and has to pay interest every month at an annual rate of 5%. All financing transactions are assumed to take place at the end of the month. The loan balance should be repaid in increments of $5,000 whenever there is surplus cash. How much will the company have to borrow at the end of July? A. $10,000 B. $15,000 C. $0 D. $5,000