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Exercise 2 0 - 2 0 ( Algo ) Cash budget LO P 2 Karim Corporation requires a minimum $ 9 , 0 0 0

Exercise 20-20(Algo) Cash budget LO P2
Karim Corporation requires a minimum $9,000 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid at the end of each month). Any preliminary cash balance above $9,000 is used to repary loans at month-end. The cash balance on July 1 Is $9,400, and the company has no outstanding loans. Budgeted cash recelpts (other than for loans recelved) and budgeted cash payments (other than for loan or interest payments) follow.
\table[[,July,August,Septeaber],[Cash receipts,$25,690,333,060,$41,000
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