Olde Corporation is preparing a cash budget for the first two months of the coming year. The following data have been forecasted: Additional data: 1. Sales are 40% cash and 60% credit. The term of credit sales is 2/10 , n /30 . The collection pattern for credit sales is 80% in the month following the month of sale (of which 75% are collected within 10 days), and 20% in the month thereafter. Total sales in December of the prior year were $1 , 000 , 000 . 2. Purchases are all on credit, with 40% paid in the month of purchase and the balance the following month. 3. Operating expenses are paid in the month incurred. 4. The frrm desires to maintain a minimum cash balance of $150 , 000 at the end of each month. 5. Loans are used to maintain the minimum cash balance. At the end of each month, interest of 1% per month is paid on the outstanding loan balance as of the beginning of the month. Repayments are made (at the end of the month) whenever the cash balance exceeds $150 , 000 . Required: What is the amount of the loan balance at the end of February (after loan repayments, if any)? Hint: prepare a cash budget to determine ending cash balance and loan repayments