Mary offered to sell mike several pieces of rare chinese art at a very good price because they were duplicates in her own collection. mike could not accept the offer at that time, but he did give mary $500 in return for her promise to keep her offer open for three (3) weeks. mike returned with the agreed-upon balance two weeks later to find that mary already had sold the pieces she had offered to sell to him. mary explained that she had been able to get a better price from another buyer. she offered to return mike's $500 and insisted that this was all she was obligated to do. is mary right?

Biochemical corp. requires $600,000 in financing over the next three years. the firm can borrow the funds for three years at 10.80 percent interest per year. the ceo decides to do a forecast and predicts that if she utilizes short-term financing instead, she will pay 7.50 percent interest in the first year, 12.15 percent interest in the second year, and 8.25 percent interest in the third year. assume interest is paid in full at the end of each year. a)determine the total interest cost under each plan. a) long term fixed rate: b) short term fixed rate: b) which plan is less costly? a) long term fixed rate plan b) short term variable rate plan