Boatler Used Cadillac Co. requires $910,000 in financing over the next three years. The firm can borrow the funds for three years at 8 percent interest per year. Mr. Boatler decides to do forecasting and predicts that if he utilizes short-term financing instead, he will pay 4 percent interest in the first year, 7 percent in the second year, and 12 percent interest in the third year. a. Determine the total three year interest cost under each plan. Total Interest cost Fixed cost financing Variable short-term financing $ b. Which plan is less costly? O Fixed cost plan O Short-term plan