Steph Corp. requires a minimum $12,000 cash balance. If necessary, loans are taken to meet this requirement at a cost of 1% interest per month (paid monthly). If the ending cash balance exceeds the minimum, the excess will be applied to repaying any outstanding loan balance. The cash balance on July 1 is $12,000. Cash receipts other than for loans received for July, August, and September are forecasted as $35,000, $85,000, and $82,000, respectively. Payments other than for loan or interest payments for the same period are planned at $38,500, $82,000, and $62,000, respectively at July 1, there are no outstanding loans.

Prepare a cash budget for July, August, and September.