Karim Corp. requires a minimum S8,500 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 month-end. The cash balance on July 1 is S8,900 and the company has no outstanding loans. Forecaste cash receipts (other than for loans received) and forecssted cash payments (other than for loan or intere payments) follow: Cash receipts Cash disbursements AugustSeptember 5 24,500 532,500 40,500 32,500 28,750 30,500 Prepare a cash budget for July, August, and September. (Rounding your final answers to the nearest whole dollar. Negative baance and Loan repayment amount should be indicated with minus sign KARIM CORP Cash Budget For July, August, and September August September Beginning cash balance 8,900 24.500 33.400 28.750 ash receipts 32,500 40,500 Total cash available ash disbursements nterest on bank loan Preliminary cash balance 30,500 32,500 dditional loan (loan repayment) Ending cash balance Loan balance Loan balance Beginning of month Additional loan (loan repayment) Loan balance End of month