Q16. MyBudget Inc. is working on its cash budget for Novem beginning cash balance for November is $60,000, Budgeted cash re disbursements data is below: ber and December. The budget ed ceipts and budgeted cash November December Total cash receipts $177,000 $300,000 Total cash disbursements $197,000 $250,000 The company requires a minimum cash balance of $50,000 and may borrow any amount needed from a local bank at a monthly interest rate of 2.5%. The company borrows any amount on the first day of the month when they need the funds and repays its loans, or any part of its loans, on the last day when they are repaying the loan. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. The cash balance at the end of December would be: a) $60,000 b) $50,500 c) $50,000 d) $110,000 e) $89,500