Karim Corp. requires a minimum $8.000 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on July 1 is $8.400 and the company has no outstanding loans. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for loan or interest payments) follow. Cash receipts Cash payments July $ 24,00 28, eae August $32,000 30, eee September $40,000 32, eee Prepare a cash budget for July August, and September. (Negative balances and Loan repayment amounts (if any) should be Indicated with minus sign. Round your final answers to the nearest whole dollar.) September S 8,000 40,000 48.000 32,000 KARIM CORP Cash Budget For July, August, and September July August Beginning cash balance S 8,400 s 8,000 Cash receipts 24,000 32,000 Total cash available 32,400 40,000 Cash payments 28,000 30,000 Interest on bank loan Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan balance Loan balance - Beginning of month S 0 Additional loan (loan repayment) Loan balance - End of month