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Question $15(3$ points$)$ Vincent Black requires $$942,000$ in financing over the next three years. The firm can borrow the funds for three years at $7$ percent interest per year. Vincent decides to do forecasting and predicts that if he utilizes short$-$ term financing instead, he will pay: $3$ percent interest in the first year, $5$ percent in the second year, and $11$ percent interest in the third year.$-3$ marks

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What would be the total interest costs if Vincent Black decides to utilize short$-$term financing? $-3$ marks

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