Homework Answers
(a) total dollar interest payments for the six months (short term )
january : (10500*9 % ) = 945
february:(4500*10% ) = 450
march:(5500*13% ) = 715
april:(10500*16% ) = 1680
may:(11500*12% ) = 1380
june:(6500*12% ) = 780
total =$ 5950
(b.1) total dollar interest payments @ 12 % ( long term )
january : (10500*12 % ) = 1260
february:(4500*12% ) = 540
march:(5500*12% ) = 660
april:(10500*12% ) = 1260
may:(11500*12% ) = 1380
june:(6500*12% ) = 780
total = $ 5880
(b.2) smaller is the answer .
long term financing plan (interest payable =$5880) is less costlier than short term financing plan
(interest payable=$ 5950 )
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