Laurey Inc. is working on its cash budget for May. The budgeted beginning cash balance is $37,000. Budgeted cash receipts total $118,000 and budgeted cash disbursements total $112,000. The desired ending cash balance is $55,500. To attain its desired ending cash balance for May, the company needs to borrow:

$0

$55,500

$98,500

$12,500