Delbert, Inc. has prepared its third quarter budget and provided the following data: Jul Aug Sep Cash collections Cash payments: Purchases of direct materials $49,000 $39,900 $47,000 Operating expenses Capital expenditures 31,000 21,100 17,100 12,100 8,100 11,200 13,400 24,000 The cash balance on June 30 is projected to be $5,200. 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? O $5,000 $10,000 O $15,000