Exercise $22-20($Static$)$ Cash budget LO P$2$

Karim Corporation requires a minimum $$8,000$ cash balance. Loans taken to meet this requirement cost $1\%$ interest per month $($paid at the end of each month$).$ Any preliminary cash balance above $$8,000$ is used to repay loans at month$-$end. The cash balance on July $1$ is $$8,400,$ 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,$$20,000,$$$26,000,$$$40,000$