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Diemans Corp has provided a part of its budget for the 3rd quarter. July August September Cash collections $100,000 $150,000 $200,000 Cash payments: Purchases 10,300 8,000 16,000 S. &Adm. expenses 15,050 12,000 18,000 Additional assets 9,650 14,100 8,000 Assume the company wishes to maintain a minimum cash balance of $ 75,000 at the end of each month. To maintain the minimum cash balance, the company can borrow from the bank in $ 1000 increments at %8 interest and the company should payback borrowed money when there an excess cash balance. The cash balance on March 31, 1st. is $10,000. Calculate the amount that needs to be borrowed in july to maintain the minimum cash balance. Select one: $4,450 O $5,000 OSO O $14,450 O $15,000