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Liz's Health Food Store has estimated monthly financing requirements for the next six months as follows: January February March $8,000 2,000 3,000 April May June

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Liz's Health Food Store has estimated monthly financing requirements for the next six months as follows: January February March $8,000 2,000 3,000 April May June $8,000 9,000 4,800 Short-term financing will be utilized for the next six months. Projected annual interest rates are: January February March 8.0% 9.0% 12.0% April May June 15.0% 12.0% 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 the final answer to 2 decimal places. Do not round intermediate calculation.) 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

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