Plumbing World's loan agreement with their bank has a requirement for Plumbing World to maintain a minimum of $5,000 in their account at all times. On February 28th the cash balance was $6,000 and there was no short-term loan payable.If short-term borrowing is required, it bears interest at 4% per annum calculated on the month-end balance from the previous month. Complete the cash budget for March and April determine the outstanding short-term loan balance at April 30th.

MarchAprilFixed operating expenses15,00015,000Variable operating expenses11,0007,000Short term interestCash paymentsMarchAprilCash receipts23,00024,0