Royal Industries has budgeted the following information for Januery Cash Receipts Beginning Cash Balance $40,000 $10,000 $48,000 Desired Ending Cash Cushion $ 5,000 Cash Payments If there is a cash shortage, the company borrows money. If a surplus occurs funds are used to repay loans or to invest in short-term assets. All borrowing, repayments, and interest payments occur on the last day of the month. The interest rate is 1% per month. The company had no debt before January 1st. The amount of interest paid in February would be