Grummet Company is acquiring a new wood lathe with a cash purchase price of $80,000. The Wood
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Grummet Company is acquiring a new wood lathe with a cash purchase price of $80,000. The Wood Master Industries (the manufacturer) has agreed to accept $23,500 at the end of each of the next 4 years. Based on this deal, how much interest will Grummet pay over the life of the loan?
A. $94,000
B. $80,000
C. $23,500
D. $14,000
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