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Kayak requires a minimum cash balance of $40,000 at each month-end. The company can borrow money at a monthly interest rate of Th. paid on

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Kayak requires a minimum cash balance of $40,000 at each month-end. The company can borrow money at a monthly interest rate of Th. paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. Any preliminary cash balance above $40,000 is used to repay loans at month-end. The company has a cash balance of $40.000 and a loan balance of $80,000 at January 1. Prepare monthly cash budgets for January. February. and March. (Negative bolances and Loon repayment amounts (if any) should

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