Cash receipts $40,000beginning cash balance $10,000cash payments $48,000desired ending cash balance $7,000if there is a cash shortage, the company borrows money from the bank. all cash is borrowed at the beginning of the month in $1,000 increments. interest is paid monthly on the first day of the following month. the interest rate is 1% per month. the company had no debt before january 1st. what is the amount of interest paid in february? show all work and explanation