Lizs Health Food Store has estimated monthly financing requirements for the next six months as follows:

January	$9,400	April	$9,400
February	3,400	May	10,400
March	4,400	June	5,400

Short-term financing will be utilized for the next six months. Projected annual interest rates are:

January	8.0%	April	15.0%
February	9.0%	May	12.0%
March	12.0%	June	12.0%

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 $