Answered

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Carmen’s Beauty Salon has estimated monthly financing requirements for the next six months as follows: January 8,800 February 2,800 March 3,800 April 8,800 May 9,800 June 4,800
Short-term financing will be utilized for the next six months. Projected annual interest rates are: January 7.0% February 8.0% April 14.0% March 11.0% May 12.0%
June 12.0%
a. Compute total dollar interest payments for the six months.
b. Compute the total dollar interest payments if long-term financing at 12 percent had been utilized throughout the six months?

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