Motors Corporation manufactures motors for dirt bikes. The company requires a minimum $$30,000$ cash balance at each month$-$end. If necessary, the company borrows to meet this requirement at a cost of $3\%$ interest per month $($paid at the end of each month$).$ Any preliminary cash balance above $$30,000$ at month$-$end is used to repay loans. The cash balance on July $1$ is $$44,000,$ and the company has no outstanding loans. Budgeted cash receipts and budgeted cash payments $($other than for interest on the loan and loan activity$)$ follow. July

August

SeptemberCash receipts$ $95,000$$ $121,000$$

$160,000$Cash payments$123,000109,900137,400$