Karim Corporation requires a minimum $8,200 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid at the end of each month). Any preliminary cash balance above $8,200 is used to repay loans at month-end. The cash balance on July 1 is $8,600, 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 $ 24,200 28,300 August $ 32,200 30,200 September $ 40,200 32,200 Prepare a cash budget for July, August, and September. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar. Beginning cash balance Add: Cash receipts Total cash available Add: Cash payments for Interest on loan KARIM CORPORATION Total cash payments Preliminary cash balance Loan activity Additional loan (loan repayment) Cash Budget July August September $ 8,600 0 0 0 < Prev 5 of 6 Next U