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How much total interest will Tamarisk pay on payment plan

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Question 1 - Tamarisk Excavating Inc. is purchasing a bulldozer. The equipment has a price of $109,500. The manufacturer has offered a payment plan that would allow Tamarisk to make 14 equal annual payments of $14,864.21, with the first payment due one year after the purchase. How much total interest will Tamarisk pay on this payment plan?

Question 2 - Newman Bogut just received a signing bonus of $945,600. His plan is to invest this payment in a fund that will earn 11%, compounded annually. If Bogut plans to establish the AB Foundation once the fund grows to $2,684,956, how many years until he can establish the foundation?

Instead of investing the entire $945,600, Bogut invests $318,800 today and plans to make 10 equal annual investments into the fund beginning one year from today. What amount should the payments be if Bogut plans to establish the $2,684,956 foundation at the end of 10 years?

Reference no: EM132564428

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