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Karim Corporation requires a minimum $ 8 , 7 0 0 cash balance. Loans taken to meet this requirement cost 2 % interest per month

Karim Corporation requires a minimum $8,700 cash balance. Loans taken to meet this requirement cost 2% interest per month (paid at
the end of each month). Any preliminary cash balance above $8,700 is used to repay loans at month-end. The cash balance on July 1
is $9,100, and the company has no outstanding loans. Budgeted cash receipts (other than for loans received) and budgeted cash
payments (other than for loan or interest payments) follow.
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.)
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