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Discuss fleet of trucks by purchasing

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Alden Trucking Company is replacing part of its fleet of trucks by purchasing them under a note agreement with Kenworthy on January 1, 2016. Alden financed $40,605,759, and the note agreement will require $10.17 million in annual payments starting on December 31, 2016 and continuing for a total of four more years (final payment December 31, 2020). Kenworthy will charge Alden Trucking Company the market interest rate of 8% compounded annually. What is the amount of the 2017 interest expense?

Reference no: EM131776058

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