Blossom Excavating Inc. is purchasing a bulldozer. The equipment has a price of $107,400. The manufacturer has offered a payment plan that would allow Blossom to make 10 equal annual payments of $17,500.00, with the first payment due one year after the purchase. How much total interest will Blossom pay on this payment plan?

$67,600

Explanation:

First, find the interest rate on the loan.

Pv = $107,400

Pmt = - $17,500

n = 10

P/Yr = 1

Fv = $0

i = ?

Using a Financial Calculator to input the values as show, the interest rate (i) will be 10.0282 or 10 %

Use the Amort Function to start populating an amortization schedule.

To find the total Interest [Financial Calculator]:

Enter 1 INPUT 10 + SHIFT + AMORT

We get = $67,600 as the total Interest.

1. Lleva un control adecuado de tus gastos.

2. Gestiona de manera eficiente tu inventario.

3. Analiza la rentabilidad de tu cartera de clientes.

4. Aumenta las re-compras de tu producto y/o servicio.

5. La tecnología como aliada.

Explanation:

I kinda got confused on this one