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How much interest will oriole pay on this payment plan

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Question - Oriole Excavating Inc. is purchasing a bulldozer. The equipment has a price of $90,500. The manufacturer has offered a payment plan that would allow Oriole to make 5 equal annual payments of $26,997.52, with the first payment due one year after the purchase.

How much interest will Oriole pay on this payment plan?

Reference no: EM132447978

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