Question 7 Cheyenne Company has budgeted the following information for June: Cash receipts $35,000 3.45 pts Cash payments $45,000 If there is a cash shortage, the company borrows money from the bank. All cash is borrowed at the beginning of the month in $1,000 increments and interest is paid monthly at 1% the following month. The company had no debt before June 1st. Beginning cash balance for June was $25,000 and the desired ending cash balance is $20,000. The amount of interest paid in July would be: O $100 O $200 $0 O $50