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# Concord Excavating Inc. is purchasing a bulldozer. The equipment has a price of $107,700.

Concord Excavating Inc. is purchasing a bulldozer. The equipment has a price of $107,700. The manufacturer has offered a payment plan that would allow Concord to make 15 equal annual payments of $14,977.33, with the first payment due one year after the purchase.

How much total interest will Concord 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 is