Karim Corporation requires a minimum $8,100 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 $8,100 is used to repay loans at month-end. The cash balance on July 1 is $8,500, 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. Cash receipts Cash payments July $ 24,100 28,150 August $ 32,100 30,100 September $ 40,100 32,100 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 CORPORATION Cash Budget July August September Beginning cash balance $ 8,500 Add: Cash receipts Total cash available Add: Cash payments for Interest on loan Interest revenue 0 0 0 Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance $ 0 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month