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Carmen's Beauty Salon has estimated monthly financing requirement for the next 6 months as follows: Jan 9200 Feb 3200 Mar 4200 Apr 9200 May 10200
Carmen's Beauty Salon has estimated monthly financing requirement for the next 6 months as follows: Jan 9200 Feb 3200 Mar 4200 Apr 9200 May 10200 June 5200 Short-term financing will be utlized for the next six months. Projected annual interest rates are: Jan 6.0% Feb 7.0% Mar 10.0% Apr 13.0% May 12.0%' June 12.0% a) Compute total dollar interest payment for the six months (round your intermediate and final answers to 2 decimals b-1) Compute the total dollar interest payments if long-term financing at 12 percent had been utilitzed throughout the six months? b-2) If long-term financing at 12% had been utilized throughout the six months would the total dollar interest payments be larger or smaller? Please show detailed
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