Tomo, Inc. has prepared its third quarter budget and provided the following data:: Jul Aug SepCash collections $50,000 $39,600 $46,100Cash payments: Purchases of direct materials 30,000 21,700 17,600Operating expenses 12,300 8,000 11,600Capital expenditures 13,700 24,300 0The cash balance on June 30 is projected to be $4500. The company has to maintain a minimum cash balance of $5,000 and is authorized to borrow at the end of each month to make up any shortfalls. It may borrow in increments of $5,000 whenever there is surplus cash. How much will the company have to borrow at the end of July?