# Carmen's Beauty Salon has estimated monthly financing requirements for the next six months as follows: January...

###### Question:

Carmen's Beauty Salon has estimated monthly financing requirements for the next six months as follows: January February March $8,600 2,600 3,600 April May June$8,600 9,600 4,600 Short-term financing will be utilized for the next six months. Projected annual interest rates are: January February March 5.0% 6.0% 9.08 April May June 12.0% 12.0% 12.0% a. Compute total dollar interest payments for the six months. (Round your monthly interest rate to 2 decimal places when expressed as a percent. Round your interest payments to the nearest whole cent.) 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? (Round your monthly interest rate to 2 decimal places when expressed as a percent. Round your interest payments to the nearest whole cent.) Total dollar interest payments b-2. If long-term financing at 12 percent had been utilized throughout the six months, would the total-dollar interest payments be larger or smaller than with the short-term financing plan? Smaller Larger

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