Help Save & Exit Submit 31 Boatier Used Cadillac Co. requires $1.030,000 in financing over the next three years. The firm can borrow the funds for three years at 8 percent interest per year. Mr. Boatier 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 b. Which plan is less comty Foxed cost plan Shon term plan Type here to search O Help Save & Exit Submit 31 Boatier Used Cadillac Co. requires $1.030,000 in financing over the next three years. The firm can borrow the funds for three years at 8 percent interest per year. Mr. Boatier 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 b. Which plan is less comty Foxed cost plan Shon term plan Type here to search O