Carmens 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. Projected annual interest rates are:

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.

Note: Round your monthly interest rate to 2 decimal places when expressed as a percent. Round your interest payments to the nearest whole cent.

b-1. Compute the total dollar interest payments if long-term financing at 12 percent had been utilized throughout the six months.

Note: Round your monthly interest rate to 2 decimal places when expressed as a percent. Round your interest payments to the nearest whole cent.

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?