18. Carmen's Beauty Salon has estimated monthly financing requirements for the next six months as follows: January $ 8,500 April $ 8,500 February 2,500 May 9,500 March 3,500 June 4,500 Short-term financing will be utilized for the next six months. Here are the projected annual interest rates: January 9.0% April 16.0% February 10.0% May 12.0% March 13.0% June 12.0% a. Compute total dollar interest payments for the six months. To convert an annual rate to a monthly rate, divide by 12. Then multiply this value times the monthly balance. To get your answer, add up the monthly interest payments. b. If long-term financing at 12 percent had been utilized throughout the six months, would the total-dollar interest payments be larger or smaller? Compute the interest owed over the six months and compare your answer to that in part a