Carmen's Beauty Salon has estimated monthly financing requirements for the next six months as follows: $ 8,900 April January February March 2,900 May $ 8,900 9,900 4,900 3,900 June Short-term financing will be utilized for the next six months. Projected annual interest rates are: January February March 8% April Interest rate 9% May 12% June What long-term interest rate would represent a break-even point between using short-term financing and long-term financing? Note: Round your monthly interest rate to 2 decimal places when expressed as a percent. Round your interest payments to the nearest whole cent. Input your answer as a percent rounded to 2 decimal places. 15% 12% 12% %

(Loan Amortization Problem) Your company is planning to borrow $2,500,000.  This will be a six-year, 2 percent per year, annual payment, fully amortized term loan.  The first payment will be made one year from today.  What fraction of the total annual payment made at the end of year three will represent repayment of principal?  [Hint: you need only complete the first three rows of the amortization schedule to answer this question.] Step By Step please, as if writing down the solution on a sheet of paper.

Boatler Used Cadillac Co. requires $800,000 in financing over the next two years. The firm can borrow the funds for two years at 9 per cent interest per year. Mr Boatler decides to do forecasting and predicts that if he utilizes short-term financing instead, he will pay 6.75 per cent interest in the first year and 10.55 per cent interest in the second year.   a. Determine the total two-year interest cost under each plan

Payday Loans offers a $11 for $12 payday loan. You can borrow $11 on Friday and only have to pay an $12 when you receive your paycheck on the following Friday, one week later. Compute the nominal annual rate with weekly compounding for this loan.Use a 52-week year,