Question
Exercise 6-11 Sosa Excavating Inc. is purchasing a bulldozer. The equipment has a price of $102,000. The manufacturer has offered a payment plan that would
Exercise 6-11 Sosa Excavating Inc. is purchasing a bulldozer. The equipment has a price of $102,000. The manufacturer has offered a payment plan that would allow Sosa to make 15 equal annual payments of $14,185, with the first payment due one year after the purchase. Incorrect answer. Your answer is incorrect. Try again. How much total interest will Sosa pay on this payment plan? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Total interest $Entry field with incorrect answer 107892.2448 LINK TO TEXT Correct answer. Your answer is correct. Sosa could borrow $102,000 from its bank to finance the purchase at an annual rate of 10%. (Use the table below.)
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