Your firm plans to borrow$7.5 million for new equipment related tofuel injection systems you manufacture forseveral small engine companies. The leadership team decided to finance the new equipment with debt through a long-term commercial loan from Bank of America.

Bank of America's terms require annual payments of $2,277,019.74. The first payment is due atthe end of the next 12 months. The interest rate on the loan is 8.25%. How many total payments will your firm make?