Foyert Corp. requires a minimum $6,100 cash balance. If necessary, loans are taken to meet this requirement at a cost of 2% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on October 1 is $6,100 and the company has an outstanding loan of $2,100. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow. October November December Cash receipts $ 22,100 $ 16,100 $ 20,100 Cash payments 24,150 15,100 15,900