An earthworks contractor needs to determine whether to buy a new excavator for cash or to take out a loan for the excava

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An earthworks contractor needs to determine whether to buy a new
excavator for cash or to take out a loan for the excavator. The
contract has the money available for the purchase. The money is
invested in a savings fund that earns the contractor a 5% APR.
Perform calculations and recommend the best option to the
contractor. Show all your calculation steps. Cost of the excavator
= R750,000. The manufacturer offers a 5% discount for cash
purchases. APR for the loan option = 14% and the loan term is 48
months.