Liz's Health Food Store has estimated monthly financing requirements for the next six months

as follows:

January $$8,000$ April $$8,000$

February $2,000$ May $9,000$

March $3,000$ June $4,000$

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

January $8\%$ April $15\%$

February $9\%$ May $12\%$

March $12\%$ June $12\%$

a$.$ Compute total dollar interest payments for the six months. To convert an annual rate to a monthly

rate, divide by $12.$

b$.$ 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.