Hunter Corp. requires a minimum $20,000 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). If the ending cash balance exceeds the minimum, the excess will be applied to repaying any outstanding loan balance. The cash balance on April 1 is $20,000. Cash receipts other than for loans received for April, May, and June are forecasted as $55,000, $105,000, and $112,000, respectively. Payments other than for loan or interest payments for the same period are planned at $70,000, $101,000, and $105,000, respectively at June 1, there are no outstanding loans.

Prepare a cash budget for April, May, June. You can round up your numbers to whole numbers on calculations.

*Hint - you will have an outstanding loan balance still at end of June.

what the outstanding loan balance is at the end of June?