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Please answer b-1. As shown, $454.00 is not the answer. Please explain how you got the answer. I will thumbs up for the correct answer.
Please answer b-1. As shown, $454.00 is not the answer. Please explain how you got the answer. I will thumbs up for the correct answer. Thanks in advance.
Liz's Health Food Store has estimated monthly financing requirements for the next six months as follows: Short-term financing will be utilized for the next six months. Projected annual interest rates are: 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 $ xStep by Step Solution
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