Metlock Enterprises had a tough month in May, but June's sales and cash activity are looking strong. Metlock had to borrow $4,000 in May in order to maintain the company's required minimum balance of $5,000. The loan carries an annual interest rate of 6%, with monthly interest payments required. Loan withdrawals, in $1,000 increments, are assumed to be taken out on the first of the month. Loan payments, also in $1,000 increments, reduce the principal on the last day of the month. The June 1 cash balance is $5,940. With budgeted cash receipts of $105,900 and cash disbursements of $103,600 in June, how much of the prior month's loan would Metlock be able to pay off in June, if any? What is Metlock's projected ending cash balance in June? Loan paid off Projected ending cash balance 3000