Karim Corporation requires a minimum $8,500 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 $8,500 is used to repay loans at month-end. The cash balance on July 1 is $8,900, 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 $ 24,500 28,750 August $ 32,500 30,500 September $ 40,500 32,500 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.) Beginning cash balance Total cash available Less: Cash payments for Interest on loan Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month KARIM CORPORATION Cash Budget July August September $ 8,900 0 0 0 Loan balance $ 0