please show equation in excel to solve for borrowings

The company sells many styles of earrings, but all are sold for the same price-$19 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings): January (actual) 23,000 June (budget) 53,000 February (actual) 29,000 July (budget) 33,000 March (actual) 43,000 August (budget) 31,000 68,000 September April (budget) 28,000 (budget) May (budget) 103,000 The concentration of sales before and during May is due to Mother's Day. Sufficient inventory should be on hand at the end of each month to supply 40% of the earrings sold in the following month. Suppliers are paid $5.50 for a pair of earrings. One-half of a month's purchases is paid for in the month of purchase; the other half is paid for in the following month. All sales are on credit. Only 20% of a month's sales are collected in the month of sale. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible Monthly operating expenses for the company are given below: Variable: Sales comisione 4 of salen Fixed: Advertising $ 350,000 Rent $ 33,000 Salaries $ 136,000 Utilities $ 14,500 Insurance $ 4,500 Depreciation $ 29,000 Insurance is paid on an annual basis, in November of each year. The company plans to purchase $23,500 in new equipment during May and $55,000 in new equipment during June; both purchases will be for cash. The company declares dividends of $26,250 each quarter, payable in the first month of the following quarter. The company's balance sheet as of March 31 is given below: Assets Cash $ 89,000 Accounts receivable ($55,100 February sales: $653,600 March sales) 708, 700 Inventory 149,600 Prepaid insurance 28,500 Property and equipment (net) 1,100,000 Total assets $ 2,075,800 Liabilities and Stockholders' Equity Accounts payable $ 115,000 Dividends payable 26,250 Common stock 1,100,000 Retained earnings 834,550 Total liabilities and stockholders' equity $ 2,075,800 The company maintains a minimum cash balance of $65,000. All borrowing is done at the beginning of a month; any repayments are made at the end of a month. The company has an agreement with a bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1,000), while still retaining at least $65,000 in cash. May $ April June Quarter 89,000 $ 65,470 $ 353,940 $ 89,000 885,400 1,377,500 1,700,500 3,963,400 974,400 1,442,970 2,054,440 4,052,400 340,500 350,000 33,000 136,000 51,680 14,500 Beginning cash balance Add collections from customers Total cash available Less cash disbursements: Merchandise purchases Advertising Rent Salaries Commissions Utilities Equipment purchases Dividends paid Total cash disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments Interest Total financing Ending cash balance 453,750 350,000 33,000 136,000 78,280 14,500 23,500 0 1,089,030 353,940 352,000 350,000 33,000 136,000 40,280 14,500 55,000 1,146,250 1,050,000 99,000 408,000 170,240 43,500 78,500 26,250 3,021,740 1,030,660 0 0 26,250 951,930 22,470 980,780 1,073,660 0 0 0 0 0 0 0 0 0 0 0 0 0 22,470 $ 353,940 $ 1,073,660 $ 1,030,660 $