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What is the manufacturers rate

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Question - Wildhorse Excavating Inc. is purchasing a bulldozer. The equipment has a price of $104,300. The manufacturer has offered a payment plan that would allow Wildhorse to make 10 equal annual payments of $18,490.00, with the first payment due one year after the purchase. Wildhorse could borrow $104,300 from its bank to finance the purchase at an annual rate of 9%.

Should Wildhorse borrow from the bank or use the manufacturer's payment plan to pay for the equipment? What is the manufacturer's rate?

Reference no: EM132495734

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