(Related to Checkpoint 18.2) (Calculating the cost of
short-term financing) The R. Morin Construction Company needs to
borrow $90,000 to help finance the cost of a new $135,000
hydraulic crane used in the firm's commercial construction
business. The crane will pay for itself in one year, and the firm
is considering the following alternatives for financing its
purchase: Alternative A. The firm's bank has
agreed to lend the $90,000 at a rate of 12 percent. Interest would
be discounted, and...