McIntyre, Inc. has prepared its third quarter budget and provided the following data:

	Jul	Aug	Sep
Cash collections	$51,000	$39,600	$47,700
Cash payments:
Purchases of direct materials	30,000	21,700	17,300
Operating expenses	12,300	8,800	11,400
Capital expenditures	13,800	24,100	0

The cash balance on June 30 is projected to be $4,300. The company has to maintain a minimum cash balance of $5,000 and is authorized to borrow at the end of each month to make up any shortfalls. It may borrow in increments of $5,000 and has to pay interest every month at an annual rate of 4%. All financing transactions are assumed to take place at the end of the month. The loan balance should be repaid in increments of $5,000 whenever there is surplus cash. Calculate the final projected cash balance at the end of August taking into consideration all the financing transactions.

A.

$9,167

B.

$(5,833)

C.

$15,000

D.

$48,800