Liz's Health Food Store has estimated monthly financing requirements for the next six months as follows: January $9,300

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Liz S Health Food Store Has Estimated Monthly Financing Requirements For The Next Six Months As Follows January 9 300 1 (33.02 KiB) Viewed 57 times

Liz's Health Food Store 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: 2.48 January February March 7.09 8.04 11.04 April 14.05 May 12.05 12.04 June Complete the table below and using the data computed, what is the expected annual rate of the short-term financing? Hint: Divide the total interest payments by the total amount of funds extended and multiply by 12. (Round intermediate calculations and final answers to 2 decimal places.) Rate Actual interest amount Month January February March April May June Short-term Financing On monthly basis Amount $9,300 $3,300 $4,300 $9,300 $ $10,300 $5,300 $ $ $ $ $ Annual Interest rate %