Karim Corporation requires a minimum $8,800 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 $8,800 is used to repay loans at month-end. The cash balance on July 1 is $9,200, 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.

JulyAugustSeptemberCash receipts$ 24,800$ 32,800$ 40,800Cash payments29,20030,80032,800

Prepare a cash budget for July, August, and September.