Karim Corp. requires a minimum $8,700 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 July 1 is $9,100 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 $24,700 29,050 August $32,700 30,700 September $ 40,700 32,700 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.) KARIM CORP Cash Budget For July August, and September July August $ 9,100 September Beginning cash balance Total cash available Preliminary cash balance Ending cash balance Loan balance 0 Loan balance - Beginning of month Additional loan loan repayment) Loan balance - End of month