Karim Corporation requires a minimum $9,600 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 $9,600 is used to repay loans at month-end. The cash balance on July 1 is $10,000, 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. July August September Cash receipts $ 25,600 $ 33,600 $ 41,600 Cash payments 30,400 31,600 33,600 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 $ 10,000 s 9,600 $ 9,600 25,600 33.600 41,600 35,600 43,200 51,200 Beginning cash balance Add: Cash receipts Total cash available Less: Cash payments for All items excluding interest 30,400 31,600 33,6001 30,400 31,600 33,600 Total cash payments Preliminary cash balance Loan activity Additional loan (loan repayment) Ending cash balance Loan balance $ 0 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month