Foyert Corp. requires a minimum $30,000 cash balance. If necessary, loans are taken to meet this require- Exercise 7-14 ment at a cost of 1% interest per month (paid monthly). Any excess cash is used to repay loans at month. Cash budget end. The cash balance on October 1 is $30,000 and the company has an outstanding loan of $10,000. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow. Prepare a cash budget for October, November, and December. Round interest payments to the nearest whole dollar P1 October November December Cash disbursements 120.000 75.000 80.000