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Please help find Manufacturer's rate as a Percent% on part B. Thank you Riverbed Excavating Inc. is purchasing a bulldozer. The equipment has a price
Please help find Manufacturer's rate as a Percent% on part B. Thank you
Riverbed Excavating Inc. is purchasing a bulldozer. The equipment has a price of $96,700. The manufacturer has offered a payment plan that would allow Riverbed to make 10 equal annual payments of $17,080.00, with the first payment due one year after the purchase. (a) Your answer is correct. How much total interest will Riverbed pay on this payment plan? (Round answer to 0 decimal places, e.g. 5,125.) Total interest $ eTextbook and Media Attempts: 1 of 5 used (b) Riverbed could borrow $96,700 from its bank to finance the purchase at an annual rate of 9%. Click here to view factor tables. Should Riverbed borrow from the bank or use the manufacturer's payment plan to pay for the equipment? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 7\%.) Manufacturer's rate %Step by Step Solution
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