please show each formula used for each answer got.

3. The Right Target, Inc., a marketing research and consulting firm, is working on a cash budget for July to December 2017. The staff has projected the following cash collections and payments: Month Collections Payments Cash Sales Credit Sales Purchases Wages Miscellaneous Expenses $10,000 $20,000 $15,000 S6000 $1,500 August $12.000 $24,000 SIR 000 $7200 $2.000 September $14.000 $28,000 $21.000 S8,400 $2.500 October $16.000 $32,000 $24,000 $9.000 $3,000 November $20.000 $40.000 $30,000 $12.000 $4.000 December 525.000 550.000 $37.500 SI5.000 S4.500 a) If the ending cash balance as of June 30, 2017 was $10,000, determine the firm's forecasted monthly cash balance. b) The staff at The Right Target, Inc. wants to know how much they would need to borrow each month if the minimum ending cash balance is $30,000 and the annual interest rate is 7%. 11 H C 1 Month 17500 1 uly August 5 September 6 October 7 November betem Cash sales Credit Sales 10000 20000 12000 24000 14000 28000 10000 32000 20000 40000 Purchases Wagess Miscellaneous Expenses Net collection 15000 6000 1500 18000 7200 2000 21000 3.100 2500 20000 7600 3000 10000 12000 4000 37500 15000 1500 Beginning balance ending balance 10000 8800 - 175001 10100 11.400 16000 1000 50000 10