Problem 6-18 Interest costs under alternative plans [LO6-3) Carmen's Beauty Salon has estimated monthly financing requirements for the next six months as follows: January February March $10,400 4,400 5,400 April May June $10,400 11,400 6,400 Short-term financing will be utilized for the next six months. Projected annual interest rates are: January February March 8.00 9.09 12.08 April May June 15.00 12.00 12.00 a. Compute total dollar interest payments for the six months. (Round your monthly interest rate to 2 decimal places when expressed as a percent. Round your interest payments to the nearest whole cent.) 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? (Round your monthly interest rate to 2 decimal places when expressed as a percent. Round your interest payments to the nearest whole cent.) Total dollar interest payments b-2. If long-term financing at 12 percent had been utilized throughout the six months, would the total-dollar interest payments be larger or smaller than with the short-term financing plan? Smaller Larger