Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Liz's Health Food Store has estimated monthly financing requirements for the next six months as follows: January February March $8,700 April 2,700 May 3,700 June January February March Short-term financing will be utilized for the next six months. Projected annual interest rates are: 6.0% April 7.0% May 10.0% June 13.0% 12.0% 12.0% $8,700 9,700 4,700 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 $ 382 $
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Transcribed Image Text:Liz's Health Food Store has estimated monthly financing requirements for the next six months as follows: January February March $8,700 April 2,700 May 3,700 June January February March Short-term financing will be utilized for the next six months. Projected annual interest rates are: 6.0% April 7.0% May 10.0% June 13.0% 12.0% 12.0% $8,700 9,700 4,700 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 $ 382 $
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