I am really having a hard time understanding how to find the borrowing. Can you please help

ork B - Graded Score: 0 of 6 pts X EM5-28 (similar to) 5 of 7 (5 complete) Elwood Company has prepared the following schedules and additional information: (Click the icon to view the cash receipts schedule.) i (Click the icon to view the additional information.) (Click the icon to view the cash payments schedule.) Complete a cash budget for Elwood Company for January, February and March. (Complete all input fields. Enter a "0" for any zero balances. Round all amounts entered into the cash with a minus sign or parentheses.) Cash payments: Purchases of direct materials O Direct labor 3, 100 More Info Manufacturing overhead 3,720 Selling and administrative expenses 4,540 Interest expense Elwood's beginning cash balance is $3,000 and Elwood desires to maintain a minimum ending cash balance of $3,000. Elwood borrows cash as needed at the Total cash payments 11,360 beginning of each month in increments of $1,000 and repays the amounts borrowed in increments of $1,000 at the beginning of months when excess cash is Ending cash balance before financing 1,990 available. The interest rate on amounts borrowed is 17% per year. Interest is paid (3,000) at the beginning of the month on the outstanding balance from the previous month. Minimum cash balance desired Projected cash excess ( deficiency) (1,010) Print Done Financing: 3000 Borrowing O Principal repayments 3000 Total effects of financing 4990 Ending cash balance Enter any number in the edit fields and then click Check Answer. Clear All