Exercise 6-11 (Part Level Submission)

Blossom Excavating Inc. is purchasing a bulldozer. The equipment has a price of $106,000. The manufacturer has offered a payment plan that would allow Blossom to make12equal annual payments of $14,802.96, with the first payment due one year after the purchase.

(a)

How much total interest will Blossom 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