Delbert, Inc. has prepared its third quarter budget and provided the following data:

The cash balance on June 30 is projected to be $4100. 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. 0

B. $5,000

C. $15,000

D. $10,000