Hoppy company requires a minimum cash balance of $3,500. 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 14% 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. hoppy does not have any outstanding debt on january 1. complete the cash budget for the first quarter for hoppy company. round interest expense to the nearest whole dollar.