Sosa Excavating Inc. is purchasing a bulldozer. The equipment has a price of $109,000. The manufacturer has offered a payment plan that would allow Sosa to make15equal annual payments of $14,331, with the first payment due one year after the purchase.

(a) How much total interest will Sosa 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.)

(b) Sosa could borrow $100,000 from its bank to finance the purchase at an annual rate of 9%. Should Sosa borrow from the bank or use the manufacturer's payment plan to pay for the equipment? Show your calculations.

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