Karim Corp. requires a minimum $8,700 cash balance. Loans taken to meet this requirement cost 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 Cash receipts Total cash available Cash payments Interest on bank loan Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan balance $ 0 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month