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Discuss how much total interest will headland pay

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Headland Excavating Inc. is purchasing a bulldozer. The equipment has a price of $91,500. The manufacturer has offered a payment plan that would allow Headland to make 15 equal annual payments of $12,724.47, with the first payment due one year after the purchase.

How much total interest will Headland pay on this payment plan? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

Reference no: EM131759188

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