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A company financed the purchase of a machine with a loan at 5.5% compounded monthly. This loan would be settled by making payments of $7,300

A company financed the purchase of a machine with a loan at 5.5% compounded monthly. This loan would be settled by making payments of $7,300 at the end of every month for 8 years.

a)What was the principal balance of the loan?

b) What was the total amount of interest charged on the loan?

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