How much total interest will kingbird pay on payment plan

Assignment Help Accounting Basics

Reference no: EM131896197

Problem

Kingbird Excavating Inc. is purchasing a bulldozer. The equipment has a price of $91,400. The manufacturer has offered a payment plan that would allow Kingbird to make 7 equal annual payments of $18,774.06, with the first payment due one year after the purchase.

How much total interest will Kingbird pay on this payment plan?

Reference no: EM131896197

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