I need to figure out the interest expense for March, and the Borrowing repayment for February and March. Please show how you calculated each.

Problem 7-21A Preparing a cash budget LO 7-5 Perez Medical Clinic has budgeted the following cash flows Danua $111,e00 Februar $117,000 Cash receipts Cash payments $137,eee For inventory purchases For S&A expenses 95,50077,580 90,580 36,58837,500 32,580 Perez Medical had a cash balance of $13,500 on January 1. The company desires to maintain a cash cushion of $10,000. Funds are assumed to be borrowed, in Increments of $1.000, and repald on the last day of each month, the Interest rate is 3 percent per month. Repayments may be made In any amount avallable. Perez pays its vendors on the last day of the month also. The company had a monthly $40.000 beginning balance in its line of credit liablity account from this year's quarterly results Required Prepare a cash budget (Round Intermedlete and final answers to the nearest whole dollar amounts. Any repayments/shortage should be Indicated with a minus sign. January-1 February-1- Cash Budget March Beginning cash balance 13,500 111,000 124.500 10,300 10,530 137.000 147.530 117.000 Add: Cash receipts Cash available 127.300 Less: Cash payments For inventory purchases For S&A expenses Interest expense per mont 95,500 36,500 1,200 77,500 37,500 1,770 90.500 32,500 Total budgeted payments Payments minus receipts 133.200 116,770 123,000 Surplus (shortage) (8,700) 10.530 24.530 Financing Activity Borrowing (repayment) 10,000 Ending cash balance 10,300 10.530 S 24,530