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In 2017,Amana sold 10 refrigerators that cost $825 each for a price of $1 285 each.Payments are made in 10 equal instalments with no down payment.During 2018,Amana collected $10 285 on the 2017 sales.Using the instalment method and assuming an interest rate of 10%,how much gross profit will Amana recognise in 2018?
Total Cost
The complete cost of production, including both fixed and variable costs.
Unit Price
The cost per unit of a product or service.
Constant Cost
An economic scenario where the cost of producing an additional unit of a good or service remains unchanged, regardless of the scale of production.
Equilibrium Quantity
The quantity of goods supplied is equal to the quantity demanded at a given price level.
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