I need help finding the interest expense for December.

Adams borrows funds, in increments of $1,000, and repays them on the last day of the month. Repayments may be made in any amount available. The company also pays its vendors on the last day of the month. It pays interest of 1 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $12,000 cash cushion. Prepare a cash budget. (Any repayments/shortage which should be indicated with a minus sign.) Show less A Cash Budget October November December $ 0 80,000/ 80,000 220,000 220,000 275,000 275,000 Section 1: Cash Receipts Beginning cash balance Add: Cash receipts Total cash available Section 2: Cash Payments For selling and administrative expenses Purchase of store fixtures For inventory purchases Interest expense 40,400 44,150 164,0 28,000 164,000 94,500 o 172,650 148,125 2 ,190 Total budgeted disbursements 286,500 190,715 216,800 Section 3: Financing Activities Surplus (shortage) (206,500) 29,285 58,200 Ending cash balance $ (206,500) $ 29,285 $ 58,200