$9,700 January February March 3,700 4,700 April May June $9,700 10,700 5,700 Short-term financing will be utilized for the next six months. Projected annual interest rates are: January February March 6.00 April 7.04 May 10.04 June 13.00 12.08 12.08 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 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? Smaller O Larger