Compute total dollar interest payments for the six months. (Round your monthly i

Question

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.)

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.)

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?

Carmen’s Beauty Salon has estimated monthly financing requirements for the next six months as follows:

Explanation / Answer

a.

b-1:

b-2:

a b c d=a*b%*c/12 Month Loan Amount Interest rate (%) Period (Months) Interest Amount January 8200 6 6 246.00 February 2200 7 5 64.17 March 3200 10 4 106.67 April 8200 13 3 266.50 May 9200 12 2 184.00 June 4200 12 1 42.00 Total dollar interest payment $ 909.33 Thus, total interest payment for 6 months is $ 909.33

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