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How much total interest will ivanhoe pay on the payment plan

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Ivanhoe Excavating Inc. is purchasing a bulldozer. The equipment has a price of $108,100. The manufacturer has offered a payment plan that would allow Ivanhoe to make 15 equal annual payments of $15,871.71, with the first payment due one year after the purchase.

How much total interest will Ivanhoe 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. Total interest$

Reference no: EM132324884

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