During December, the capital budget indicates a $280500 purchase of equipment for cash. The ending November cash balance is budgeted to be $40000. Cash receipts are $839700, and cash disbursements are $610800 during December. The company wants to maintain a minimum cash balance of $20100. What is the minimum cash loan that must be planned to be borrowed from the Bank during December?

a) $31700

b) $11600

c) $51600

d) $0