Question
In: Finance
Requesting assistance with the following question. My answer is incorrect.Thank you. Carmen’s Beauty Salon has estimated...
Requesting assistance with the following question. My answer is incorrect.Thank you.
Carmen’s Beauty Salon
has estimated monthly financing requirements for the next six
months as follows:
| January | $ | 9,100 | April | $ | 9,100 |
| February | 3,100 | May | 10,100 | ||
| March | 4,100 | June | 5,100 | ||
Short-term financing
will be utilized for the next six months. Projected annual interest
rates are:
| January | 5 | % | April | 12 | % |
| February | 6 | May | 12 | ||
| March | 9 | June | 12 | ||
What long-term
interest rate would represent a break-even point between using
short-term financing and long-term financing? (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.)
Solutions
Expert Solution
THE INTEREST RATE GIVEN IN THE SUM ARE ANNUAL RATES. BUT
QUESTION IS ASKED IS OF MONTHLY INTEREST RATES. MONTHLY INTEREST
RATE = 1.61%
jeff jeffy answered 1 year agoRelated Solutions
Carmen’s Beauty Salon has estimated monthly financing requirements for the next six months as follows: ...
Carmen’s Beauty Salon has estimated monthly financing
requirements for the next six months as follows:
January
$
10,200
April
$
10,200
February
4,200
May
11,200
March
5,200
June
6,200
Short-term financing will be utilized for the next six months.
Projected annual interest rates are:
January
6
%
April
13
%
February
7
May
12
March
10
June
12
What long-term interest rate would represent a break-even point
between using short-term financing and long-term financing?
Carmen’s Beauty Salon has estimated monthly financing requirements for the next six months as follows: ...
Carmen’s Beauty Salon has estimated monthly financing
requirements for the next six months as follows:
January
$
8,200
April
$
8,200
February
2,200
May
9,200
March
3,200
June
4,200
Short-term financing will be utilized for the next six months.
Projected annual interest rates are:
January
6.0
%
April
13.0
%
February
7.0
%
May
12.0
%
March
10.0
%
June
12.0
%
a. Compute total dollar interest payments for the
six months. (Round your monthly interest rate to 2...
Carmen’s Beauty Salon has estimated monthly financing requirements for the next six months as follows: ...
Carmen’s Beauty Salon has estimated monthly financing
requirements for the next six months as follows:
January
$
9,300
April
$
9,300
February
3,300
May
10,300
March
4,300
June
5,300
Short-term financing will be utilized for the next six months.
Projected annual interest rates are:
January
7
%
April
14
%
February
8
May
12
March
11
June
12
What long-term interest rate would represent a break-even point
between using short-term financing and long-term financing?
(Round your monthly interest...
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again. She tells you that she has one more question for you. She
told you that her accountant tried to explain to her the closing
process in the accounting cycle. The more he talked, the more
confusing it got. How would you explain the closing process to Anne
Marie? She also asked about dividends. What are they? Will they
increase expense?
Anne Marie, the owner of Anne’s Beauty Salon, comes to see you again. She tells you...
Anne Marie, the owner of Anne’s Beauty Salon, comes to see you
again. She tells you that she has one more question for
you.
She told you that her accountant tried to explain to her the
closing process in the accounting cycle. The more he talked, the
more confusing it got. How would you explain the closing process to
Anne Marie?
She also asked about dividends. What are they? Will they
increase expense?
Anne's Beauty
Salon, Inc
Note, Income Statements...
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