Exercise $20-20($Algo$)$ Cash budget LO P$2$

Karim Corporation requires a minimum $$8,700$ cash balance. Loans taken to meet this requirement cost $2\%$ interest per month $($paid at the end of each month$).$ Any preliminary cash balance above $$8,700$ is used to repay loans at month$-$end. The cash balance on July $1$ is $$9,100,$ and the company has no outstanding loans. Budgeted cash receipts $($other than for loans received$)$ and budgeted cash payments $($other than for loan or interest payments$)$ follow.

$\backslash$table$[[,$July,August,September$],[$Cash receipts,$$24,700,$$$32,700,$$$40,700$

Exercise $20-20($Algo$)$ Cash budget LO P$2$

Karim Corporation requires a minimum $$8,700$ cash balance. Loans taken to meet this requirement cost $2\%$ interest per month $($paid at the end of each month$).$ Any preliminary cash balance above $$8,700$ is used to repay loans at month$-$end. The cash balance on July $1$ is $$9,100,$ and the company has no outstanding loans. Budgeted cash receipts $($other than for loans received$)$ and budgeted cash payments $($other than for loan or interest payments$)$ follow.

$\backslash$table$[[,$July,August,September$],[$Cash receipts,$$24,700,$$$32,700,$$$40,700$