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linda 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 total dollar interest payments for the six months. To convert an annual rate to a monthly rate, divide by 12. (Round intermediate calculations and final answers to 2 decimal places.)

 

Total dollar interest payments            $ 

 

b-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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Answer #1

Annual Amount Financed Monthly Month Monthly Rate Interest Rate Interest anuary February March April May 8% 9% 1290 15% 1290

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