Sav Homework: Master Budgets Assignment i 7 Karim Corporation requires a minimum $8,700 cash balance. Loans taken to meet this requirement cost 2% interest per month (paid at the end of each month). Any preliminary cash balance above $8,700 is used to repay loans at month-end. The cash balance on July 1 is $9,100, and the company has no outstanding loans. Budgeted cash receipts (other than for loans received) and budgeted cash payments (other than for loan or interest payments) follow. July $ 24,700 Cash receipts Cash payments August $ 32,700 30,700 September $ 40,700 32,700 29,050 eBook Prepare a cash budget for July, August, and September. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar.) B Hint KARIM CORPORATION Cash Budget August September Print Beginning cash balance $ Total cash available Loan balance $ 2 points References Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month July 9,100 0