estimated monthly financing requirements for the next six months as follows:
| January | $9,400 | April | $9,400 | ||
| February | 3,400 | May | 10,400 | ||
| March | 4,400 | June | 5,400 | ||
Short-term financing will be utilized for the next six months. Projected annual interest rates are:
| January | 8.0% | April | 15.0% | ||
| February | 9.0% | May | 12.0% | ||
| March | 12.0% | June | 12.0% | ||
1. Compute the total dollar interest payments if long-term financing at 12 percent had been utilized throughout the six months. Assume a long term rate is locked in on an interest-only loan.
Total dollar interest payments =
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Store has estimated monthly financing requirements for the next six months as follows: January$9,400 April$9,400 February3,400 May10,400 March4,400 June5,400 Short-term financing will be utilized for the next six months. Projected annual interest rates are: January8.0% April15.0% February9.0% May12.0% March12.0% June12.0% a- Compute the total dollar interest payments if long-term financing at 12 percent had been utilized throughout the six months. Assume a long term rate is locked in on an interest-only loan. Total dollar interest payments =
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