Hoppy company requires a minimum cash balance of $3,100. when the company expects a cash​ deficiency, it borrows the exact amount required on the first of the month. expected excess cash is used to

Hoppy company requires a minimum cash balance of $3,100. when the company expects a cash​ deficiency, it borrows the exact amount required on the first of the month. expected excess cash is used to repay any amounts owed. interest owed from the previous​ month's principal balance is paid on the first of the month at 15​% per year. the company has already completed the budgeting process for the first quarter for cash receipts and cash payments for all expenses except interest.