Problem $6-18($Algo$)$ Interest costs under alternative plans $[$LO$6-3]$

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

Short$-$term financing will be utilized for the next six months. Projected annual Interest rates are:

a$.$ Compute total dollar interest payments for the sIx months.

Note: Round your monthly Interest rate to $2$ declmal places when expressed as a percent. Round your Interest payments to the

nearest whole cent.

Answer is complete but not entirely correct.

Total dollar interest payments

$$474\mathrm{.}92$

b$-1.$ Compute the total dollar interest payments if long$-$term financing at $12$ percent had been utilized throughout the six months?

Note: Round your monthly Interest rate to $2$ decimal places when expressed as a percent. Round your Interest payments to the

nearest whole cent.

Answer is complete but not entirely correct.

Total dollar interest payments

$$,532\mathrm{.}00$