Question: Need help, I cannot figure out the interest on the loan Motors Corporation manufactures motors for dirt bikes. The company requires a minimum $30,000 cash

Need help, I cannot figure out the interest on the loan Need help, I cannot figure out the interest on the loan Motors

Motors Corporation manufactures motors for dirt bikes. The company requires a minimum $30,000 cash balance at each month-end. If necessary, the company borrows to meet this requirement at a cost of 2% interest per month (paid at the end of each month). Any preliminary cash balance above $30,000 at month-end is used to repay loans. The cash balance on July 1 is $30,000, and the company has no outstanding loans, Budgeted cash receipts and budgeted cash payments (other than for interest on the loan and loan activity) follow. Prepare a cash budget for July, August, and September. Note: Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your final answers to the nearest whole dollar

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