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A company is planning to borrow $200,000 from a bank to finance the purchase of a new pressure gauge. The asset is expected to last
A company is planning to borrow $200,000 from a bank to finance the purchase of a new pressure gauge. The asset is expected to last the company 15 years before it is decommissioned. The bank will require equal end of year repayments of $35,000 until the loan is repaid at an annual interest rate of 10 %. Please estimate how may years will the business still have the asset after the loan is fully paid off? Choose the closest number of years below
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