chp$7,$#$1$Exercise $7-20($Algo$)$ Cash budget LO P$2$

Karim Corporation requires a minimum $$8,300$ cash balance. Loans taken to meet this requirement cost $2\%$ interest per month $($pald at

the end of each month$).$ Any preliminary cash balance above $$8,300$ is used to repay loans at month$-$end. The cash balance on July $1$

is $$8,700,$ and the company has no outstanding loans. Budgeted cash recelpts $($other than for loans recelved$)$ and budgeted cash

payments $($other than for loan or interest payments$)$ follow.

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

Note: Negatlve balances and Loan repayment amounts $($If any$)$ should be Indlcated with minus sign. Round your final answers to

the nearest whole dollar.

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